The standard currency system

Infor LN FP3

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

In the dependent multicurrency system, transaction amounts are converted to the home currencies via the reference currency. All companies in a multicompany structure must have the same currency system and the same reference currency. The reference currency must match the local currency or one of the reporting currencies.

New in Infor LN FP5

In Infor LN FP5, the new standard currency system replaces and extends the single currency system, the dependent currency system, and the independent currency system.

In the standard currency system, the focus is on the local currency. To meet complex reporting requirements, you can define up to two reporting currencies, each with its own exchange rate type.

The following features of the standard multicurrency system differ from the functionality 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. For the reporting currencies, you can optionally set up translation into the reporting currency via the local currency.

  • Reference currency

    In the standard currency system, the reference currency plays a less important role than in the other currency systems. Only a few amounts that are shared between companies, such as lot prices, are expressed in the reference currency.

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

  • Integration transactions

    The integration transactions, 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. Also, rates between foreign currencies and the reference currency must be defined.

  • 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.
    • All foreign currencies and the reference currency.
  • Rate determiner

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

    • Document Date
    • 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 FP5, 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 wihin a financial company.
  • Currency reporting set

    If you define currency reporting sets, the selected currency reporting setup determines which common currencies are displayed.

    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.

  • Currency rates retrieved from the Internet

    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.

For existing companies, you must use the Currency Initialization module to convert your currency system to the standard currency system.

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