Multi-currency setup requirements

If your organization conducts business in more than one currency, then you must complete additional setup tasks.

This table shows the required and optional setup for multi-currency companies:

Setup	Description
Currency codes	In addition to the one currency code, you must define a currency code for each currency in which you do business.
Currency rate table	A currency rate table is a user-defined table of currency relationships and exchange rates. A currency rate table can be used by the accounting entities in a finance enterprise group. A currency rate table is associated with an enterprise group. You can create multiple currency rate tables for the same enterprise group.
Currency relationships	A currency relationship is required for any business transactions that involve two currencies. For example, if your functional currency is US dollars, but you have a vendor that bills you in Japanese yen.
Currency gain and loss accounts	Currency gain and loss accounts are used to post variance amounts when the currency rates fluctuate. These accounts are required if you process revaluations or translations.
Currency daily and period rates	Define the daily and period rates that are used to convert amounts from one currency to another. There are two ways to define rates: manually or through an interface. You must define rates if you will be revaluing or translating currency amounts.