Currency

Use the Currency solution to maintain information to conduct business operations in multiple currencies. Use these instructions if your organization conducts business in more than one currency. See the Financials Setup and Administration Guide for information about defining the currency and setting up the finance enterprise group and accounting entities.

If your organization conducts business in more than one currency, then additional planning and setup is required. Use this guide for currency considerations and procedures.

Use the Currency solution to track currencies for each transaction:

  • The currency of the transaction.
  • The currency in which the accounting entity operates.
  • Optionally, the three alternate currencies of the accounting entity that is involved in the transaction. Alternate currencies can be used to create localized currency exchange rates to meet local reporting requirements.
  • Maximum of enterprise currencies at the finance enterprise group level and shared by all accounting entities. Transactions are automatically converted to all defined enterprise currencies.
  • The project currency that is defined for posting level project types.