The standard currency system

In Infor LN FP3, the following multicurrency systems are available:

• The single currency system
• The dependent currency system
• The independent currency system

The following features of the standard multicurrency system differ from the functionality rate determiner of the other currency systems:

• Direct translation of foreign currency amounts

  LN converts amounts directly from the transaction currency into the local currency and the reporting currencies.

  Note: For the Reporting currencies, you can optionally set up translation into the Reporting currency via the local currency.

• The Reference currency

  The Reference currency is the currency in which balances of entities shared by all companies of a financial company group are expressed. For example, LN uses the Reference currency for business partner balances.

  It is not mandatory that the Reference currency is one of the company's home currencies.

• Integration transactions

  The integration transactions, sales invoices, fixed assets, and reconciliation data are only logged in the local currency. You can only reconcile integration transactions on business object level in the local currency.

• Currency rates

  Because foreign currency amounts are translated directly into the home currencies, you must define currency rates between all foreign currencies and all home currencies of the financial companies of a group.

• Rate determiner

  For the standard currency system, only the following rate determiners are available:

  • Document Date, for all transactions, this is the default value
  • Manually Entered

  For all transactions, Document Date is the default value.

• Rotate currency

  In Infor LN FP3, in many sessions you can use Rotate Currency to display the amounts in each of the home currencies.

  In Infor LN FP4, the Rotate Currency command is removed from all transaction entry sessions in Financials and from all sessions in Operations Management.

  In Financials, Rotate Currency is available in the following types of sessions:

  • General Ledger sessions that query the ledger history and dimension history.
  • Sessions that display open entries, both of Accounts Receivable and Accounts Payable. You can use Rotate Currency to display the amounts in all home currencies that the companies of a financial company group have in common.

• If you define currency reporting sets, the selected Currency Reporting Setups determines which common currencies are displayed.

• Currency reporting set

  A currency reporting set groups a number of financial companies for reporting purposes and specifies the common home currency used for the report. You can define currency reporting sets in the new Currency Reporting Sets (tfgld0680m000) session.

• Import currency rates

  To support import of currency rates from the Internet, a new ISO Currency Code field was added to the Currencies (tcmcs0102m000) session.

  To import the currency rates, you must write your own program. LN only provides the interface.

• Currency differences

  You can run the Calculate Currency Differences (tfgld5201m000) session for each home currency separately and independently. LN retrieves the currency rate type for the Calculate Currency Differences process from the ledger account, and generates separate transactions for each of the home currencies.