What Are the Setup Requirements for Multiple Currencies?

If your organization conducts business in more than one currency, you must complete additional setup tasks. The following table describes required and optional setup for multi-currency companies. You can find detailed procedures for each task in the Currency User Guide.

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 Table	A currency table holds currency relationships, exchange rates, and translation rates in one place. You must define a currency table if you use multiple currencies. Associate a currency table with one or more companies to share currency information. This reduces setup and maintenance time.
Currency Relationships	When you define a relationship between two currencies, you specify the rules that should be applied for transactions that involve both currencies. A relationship is required for any business transactions that involve two currencies, such as if your base 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 there is a difference between the beginning and ending exchange rates for a transaction. These accounts are required only if you use revaluation.
Currency Exchange and Translation Rates	Define the exchange and translation rates 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 exchanging or translating currency amounts.