Currency and the G/L Entry table

kcoo03

I understand that Currency Codes are not posted into the G/L Entry table and requires development to allow this but...can anyone actually tell me why this is the case?

We've had this work done in version 2.00 and now looking to do a clean upgrade to 4.00, as part of the process we're reviewing the modifications we've had done in the past and whether they are still absolutely necessary. We post a lot of currency journals between G/L accounts and we have accepted this as the only way of working. Does anyone know if this modification work is done regularly or do all end-users typically work with currency only through the other ledgers where currency is shown?

Thanks

Shenpen

The point is that one Chart of Accounts MUST have one currency, or else how would you produce income statement etc. ? You can use an Additional Reporting Currency to keep the accounts in that too. It means that if you live in England and use GBP, but you are subsidiary of an American company, you can send reports there in USD too.

I don't understand why do you need to keep the accounts in more than two currency. Could you please explain it?

kcoo03

Thanks for your reply,

We don't report in other currencies so Additional Reporting Currency won't work (we also use more than currency which would rule this out too)

The problem comes when trying to reconcile the data. There is no way of ever knowing the source currency of a journal or the exchange rate used so a journal can not be checked for any possible errors after being posting. This would also affect the efficiency of the audit trail.

It doesn't seem to me that it would cause great problems to include the Currency Code field and Amount (LCY) in the G/L Entry table as in the other ledgers and using the Amount (LCY) field as the reporting currency?

Shenpen

So you mean customer payments and vendor payments - or other kind of transactions?