Converting the Domestic Currency to the euro

To change your base domestic currency to the euro currency and convert all related records, use these steps. Where applicable, refer to the linked help topics for more information.

  1. Perform a complete database backup.
  2. Set up a currency code for the euro.
  3. On the Currency Codes form, select the Part of Euro check box for your base currency.
  4. On the Currency Rates form, enter the correct Buying Exchange Rate and Selling Exchange Rate for all currencies, including the euro.
  5. Post all A/P and A/R transactions.
  6. Process and post all records of the types listed in the Unconverted Records Help topic.
  7. Open the Domestic Euro Currency Conversion utility.
  8. To use the standard unit cost for the purchased item, select the Use Std Cost for Purchased Item check box. To use the current unit cost from the Item Costs form to update the material cost for purchased items, clear this check box.
  9. In the Account field, enter the number of the account to contain any rounding variances that may occur during the conversion process.
  10. To start the conversion, click Process.
    Note:  If your system still contains unposted A/P or A/R transactions (such as payments, invoices, vouchers, etc.), the conversion process does not proceed and the system generates an error message stating the type of transactions that must be posted.
  11. After the conversion is complete, to convert the period totals records, run the Rebalance Ledger Period Totals utility.
  12. Run the Recalculate Journal Balances utility for each journal.
  13. To update the low level codes, run the Current Bill of Material Processor.
  14. To correct any possible rounding errors from the conversion of cost values, run the Current BOM Cost Rollup utility.
  15. If you have a multi-site or hierarchical set of sites and entities, perform these additional steps:
    • After running the conversion utility, review and manually reestablish the exchange rates for your inter-site transactions (defined on the Inter-Site Parameters form). The conversion utility does not convert these rates automatically.
    • When you convert an individual site, you must also convert all sibling sites (the sites of the same low-level entity) and the parent low-level entity at the same time.
    • When you convert a low-level entity, the conversion utility does not convert any of its child entities. To convert child entities, run the conversion utility for each entity.
    Note:  If you are converting a low-level entity that has no direct child sites, you can convert the entity without converting any other entities.
Related topics