Dual Currency functionality!!!!

Joseph_Abou_Nader

Hi,

Does MS Dynamics NAV support having 2 functional currencies at the same time and if yes at which level of the modules & in which version?

Thank you in advance

Alex_Chow

Look at the Add. Reporting Currency. It's a standard feature since version 1.x.

Joseph_Abou_Nader

The reporting curreny I am aware of, but I am asking if we can have 2 functional currencies and I have heard that NAV supports 1 functional currency on the modules level and 2 functional currencies at the GL level.

This is needed in Lebanon since most of the companies choose USD to be the functional currency and LBP to be the second functional currency.

In such cases, every time a transaction is passed in EUR, it will give the counter value in USD & LBP using the exchange rate of the day.

To my understanding, the reporting currency can be used based on a fixed exchange rate that you set at the time of reporting...

Any ideas??

BardurKnudsen

Hi Joseph:

No, the Additional Reporting Currency is not just some fixed exchange rate set before running reports - it is indeed a double amount bookkeeping. However, Additional Reporting Currency is meant for a situation where you have two currencies that are tied to each other - originally it was made for the situation in the EU when a country decides to join the EMU and for a period the local currency (e.g. DEM) and euro are interchangeable. It is important to note that the Additional reporting currency is not considered a foreign currency, so trade made in the additional reporting currency does not cause any currency gain/loss even though the exchange rate changes. Even so, many companies use the Additional Reporting Currency functionality to keep track of two functional currencies.

Joseph_Abou_Nader

Thank you for the clarification...

Indeed, I didn't know that reporting currency in NAV is like having a second functional currency; now it's clear.

Moreover, please confirm if this works only in the general ledger or it can be spread along the different modules.

Thanks again.

kriki

[Topic moved from 'NAV 2009' forum to 'NAV/Navision' forum]

chengalasettyvsrao

Joseph Abou Nader wrote:

Moreover, please confirm if this works only in the general ledger or it can be spread along the different modules.

yes , it works for only General ledger only.

what other modules that you required. and why ?

Joseph_Abou_Nader

Thanks a lot for your info,

What about having the reporting currency working on the inventory module & the sales so that to show the tax amount in both currencies (functional & reporting)?

Is there such an option?

ssingla

Joseph Abou Nader wrote:

Thanks a lot for your info,

What about having the reporting currency working on the inventory module & the sales so that to show the tax amount in both currencies (functional & reporting)?

Is there such an option?

Additional currency will be available in Inventory module but in Sales/Purchase/Bank sub module Additional currency information is not available and only transaction currency & Local Currency will be available.

Alex_Chow

Joseph Abou Nader wrote:

Thanks a lot for your info,

What about having the reporting currency working on the inventory module & the sales so that to show the tax amount in both currencies (functional & reporting)?

Is there such an option?

You can accomplish this using dimensions and link them to Vendor/customer/bank, etc.

Essentially, the dimensions are linked to the G/L so you can report Vendor/customer/bank from the G/L using the add'l reporting currency.

Joseph_Abou_Nader

Well, thank you a lot guys for the valuable info...

Indeed, this forum remains an excellent source of information...

So as a summary, the Navision guys developed the reporting currency functionality before Microsoft even bought the product...

Correct me if I am wrong please...

Alex_Chow

Joseph Abou Nader wrote:

So as a summary, the Navision guys developed the reporting currency functionality before Microsoft even bought the product...

The statement is not the summary of the currency functionality, but a general statement.

Joseph_Abou_Nader

and what a general it is