Changing the LCY Code in General Ledger Set Up

Kathrynm
Kathrynm Member Posts: 7
edited 2014-01-19 in NAV/Navision Classic Client
Hello,

Could someone please advise me on the impact of changing the LCY code in the general ledger set up area of NAV 2013. The company is currently set up with USD as the local currency and there have been some transactions posted, sales and purchase invoices as well as general ledger journals. We wish to change the LCY code to CNY. Does anyone know what happens to the historical transactions and if there is a routine that need to be ran to update the old transactions with a particular exchnage rate code to bring them in line with the new CNY currency? Or, does NAV just leave the old transactions as USD?

Appreciate any feedback on this in advance.

Kate

Comments

  • ppavuk
    ppavuk Member Posts: 334
    Just don't do so. You already got your G/L in USD, if you change it to CNY you will get huge mess. There is no code to convert existing entries to another currency (apart of euro conversion toolkit, which is complex as hell and it takes more time to convert a db rather to re-implement.)

    So, create a new company, and transfer start balance s via journals. It's only way to change a currency.
  • neilgf
    neilgf Member Posts: 148
    Agree with ppavuk! Don't. This assumes CNY and USD are actually different currencies. There is no utility for old transactions and the LCY code is only a reference to convert other currency transactions throughout Nav ledgers using the currency code and exchange rate tables.
  • ps322
    ps322 Member Posts: 1
    edited 2014-03-04
    neilgf wrote:
    I have read on another site about the same thing. Agree with ppavuk! Don't. This assumes CNY and USD are actually different currencies. There is no utility for old transactions and the LCY code is only a reference to convert other currency transactions throughout Nav ledgers using the currency code and exchange rate tables. This is much better.
    Is this just complex work or not suggested overall to change LCY code?
  • neilgf
    neilgf Member Posts: 148
    Not so much complex as laborious! The only way to amend historic transactions is to create and post new ones. So this is a data migration process so it is better to create a new company. But if your licence only allows a single company then you may be better off creating and posting transactions. I would use some form of excel import so you can create the corrections off line and load in / post as general journals.

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