Details of Domestic Currency-to-Euro Conversion

Use the Domestic Euro Currency Conversion utility to convert your base domestic currency to the Euro (including all monetary amounts, exchange rates, and history records).

This utility does the following:

  • Sets the Buying and Selling Exchange Rate fields to 1 for the Euro currency record on the Currency Rates form.
  • Updates the Effective Date to today's date for all Part of Euro foreign currency records on the Currency Rates form.
  • Changes the Domestic Currency field on the Multi-Currency Parameters form to the Euro.
  • Updates the General Ledger:
    • If a ledger record's currency code is your old domestic currency, the utility converts the domestic and foreign amounts using the standard currency conversion, sets the exchange rate to 1, and sets the currency code to the Euro.
    • If a ledger record's currency code is the Euro, the utility sets the domestic amount equal to the foreign amount and sets the exchange rate to 1. The currency code and the foreign amount remain the same.
    • The utility accumulates the total debits and credits for pre- and post-conversion amounts for each distribution journal and ledger.
  • Converts exchange rates and amount values in these areas:
    • Distribution journals
    • General Ledger
    • Customer-related records
    • Vendor-related records
    • Transfers
    • Jobs
    • Work Centers
    • Inventory
    • Human Resources
    • Fixed Assets
    • Project Costing
    • Other miscellaneous records

Conversion Notes

  • The values for some fields are calculated from other fields (for example, Brokerage + Duty + Freight + Insurance + Local Freight + Material = Item Cost). The system does not convert these fields directly; instead, it recalculates them after their component fields' values are converted.
  • The system converts unit of measure fields using the standard processes maintained on the Unit of Measure Conversions form.
  • If a record contains an amount in a foreign currency and the record's currency code is the Euro, the utility sets the domestic amount equal to the foreign amount and sets the exchange rate to 1. (This practice reduces rounding variances.)
Related topics