Wrong Exchange Rate Setup

s_venkatesh78

Dear Nav Users,

We did a wrong setup of the currency exchange rate (Navisition 5.0 SP1) Ex., MYR is the local currency and against USD the value is 1:3.4. But the setup was done wrongly as 3.4 : 1 and the users have posted the transactions (Purchase invoice / sales invoice / payment / receipt etc.,).

Is there any way to correct or any workaround ?

Regards,
Venkatesh

ssingla

Reverse the transactions (Reverse Transaction or Credit Memo,whichever is apllicable based on the nature of transaction), correct the exchange rate and then repost the voucher.

s_venkatesh78

Thanks Singla. Ya i actually know that we have to post the CN and again post the documents. But is there any shorter way as the transaction volume is huge.

hardik_shah

Than what ? ? ? if Transaction volume is huge

raj2000be

Hi Venkat,

Now the situation is

1. Wrong exchange rate entered
2. Large volume of Invoices?? Posted
3. Invoice amount is showing correct, but the CLE and GLE are wrong as the LCY amount posted is wrong

If this is the case, I think doing the below should work

1. Correct the exchange rate. Dont overwrite, add another line on the next date/day
2. Run the exchnage rate adjustment batch job on the date of exchange
3. This should correct the CLE and GLE
4. You will have to do manual Journals to correct the exchange rate gain/loss account against the sales/revenue accounts

This is a manual work around, but if the volume is large and the client is ok with this, it will work.

Raj

ssingla

raj2000be wrote:

Hi Venkat,

Now the situation is

1. Wrong exchange rate entered
2. Large volume of Invoices?? Posted
3. Invoice amount is showing correct, but the CLE and GLE are wrong as the LCY amount posted is wrong

If this is the case, I think doing the below should work

1. Correct the exchange rate. Dont overwrite, add another line on the next date/day
2. Run the exchnage rate adjustment batch job on the date of exchange
3. This should correct the CLE and GLE
4. You will have to do manual Journals to correct the exchange rate gain/loss account against the sales/revenue accounts

This is a manual work around, but if the volume is large and the client is ok with this, it will work.

Raj

What kind of solutions is this? This will give incorrect balances in Purchase/Sales account. Costing will still be incorrect. Posted Purchase/Sales Invoice tables will have incorrect values.

Venkat just ignore the idea suggested by Raj and you should only do the reversal and reposting if you want accurate data in system.

nadr61

Hello

You can also use Item charge to correct a Purchase Invoice. This can be done with Credit Memo or Purchase Invoice if the value must be decresed or incresed.

ssingla

nadr61 wrote:

Hello

You can also use Item charge to correct a Purchase Invoice. This can be done with Credit Memo or Purchase Invoice if the value must be decresed or incresed.

This will not help. You cannot post Item Charge with Transaction Currency Amount = 0 and LCY = xyz.

s_venkatesh78

Thanks guys for the suggestions.

I noticed that any manual activities of positng through the item charge etc., leads to the costing to go hey-wired and also the reconciliation will become a tough task. Finally we manually posted Credit notes (with applied from entries) and posted back the invoices with correct exchange rates.