| AP - Multiple Currencies to base Currency [message #149958] |
Mon, 05 December 2005 16:06  |
Functionalconsultant
Messages: 8
Registered: November 2005
Location: US
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Junior Member |
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Hi,
Does anybody have any idea abt Accounts Payable dealing with multiple
currencies?
1.conversion of multiple currencies to a base currency
(global/international currency)
2.what needs to be done with AP to handle the converting of currencies
to the base currency
3.What kind of business requirements & setting up the configuration is
done as a Functional Consultant
4. how to develop and design
5.How to run transaction and test
If someone has any idea abt this pls share with me.
Thanks
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| Re: AP - Multiple Currencies to base Currency [message #150087 is a reply to message #149958] |
Tue, 06 December 2005 04:08  |
David.K.Dickson
Messages: 413
Registered: October 2005
Location: Surrey, England
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Senior Member |
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AP is designed to be multi-currency. When you specify your SOB, you specify a functional currency. AP accounts for every transaction in that functional currency. When you set up your system, you also specify which currencies are available (to match the countries that you trade in). So, let's try to answer your questions:
1.) you can enter Invoices and Credit Memos in any available currency and you will normally pay them in the entered currency, but all of the accounting will be done in your Functional currency, ready for posting to your GL,
2.) two things:- a.) Define available currencies and b.) enter exchange rates,
3.) see 2.) above
4.) no need, it has already been done for you,
5.) this needn't be rocket science! Build a spreadsheet to plan your testing, including columns for both Entered and Functional currencies. Enable the required non-Functional currencies and enter exchange rates. Keep your exchange rates nice and simple (2 or 3 or 0.5) to make it easy to check. Set up two or three suppliers in your TEST system. For one of them enter, approve and pay three or four invoices in your Functional currency. For the next supplier, enter, approve and pay three or four invoices (and a CM?) in one single currency other than your Functional currency. For the next supplier, enter a mix of Functional and non-Functional currency transactions. Complete a "period end" and transfer to GL, then check that everything works as planned in your spreadsheet. If there are differences, make sure that you understand why, and retest if necessary.
HTH
David.
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