Defining General Ledger currency options

When you define a General Ledger company, you must at a minimum specify a base currency for the company. If the company uses multiple currencies, then you must select additional currency options.

Before you define General Ledger currency options, you must define the currency codes you are going to use and a currency table.

Follow these steps to define General Ledger currency options for a company:

  1. Access Company (GL10.1).
  2. On the Main page, select a base currency.
  3. Access the Currency page of GL10.1.
    Note: A company can use exchange, translation, or both.
  4. Define currency options. Use these guidelines to specify the field values:
    Currency Table

    Assign a currency table to the company.

    Currency Ledger

    Select Yes in this field if you want to balance transactions and track earnings by transaction currency.

    Auto Base Balance

    Select Yes if automatic balancing in base currency is to be performed when a journal entry is released.

    If you select Yes, then you must use System Accounts (GL00.7) to select the balancing account to be used for balancing adjustment entries. See Defining balancing accounts.

    Note: If you are using a triangulated currency, you must select Yes in this field.

    See Setting up triangulated currencies.

    Exchange

    If the company will use currency exchange, then select Yes.

    Note: If you select yes in this field, then you must define default gain and loss accounts for the company.

    See Defining unrealized and realized gain and loss accounts (AR/CU).

    Translation

    If the company will use intercompany currency translation or report currency translation, then select Yes in this field.

    Note: Currency translation is the process of converting balances from one Lawson company base currency to another Lawson company base currency, or to a reporting currency within the same company.

    See Setting up currency translation.

    Report Currency

    You can select up to two report currencies for your company. If you select a report currency, you must also perform these tasks:

    • Identify a report rounding adjustment account for the chart of accounts the company uses. See Defining balancing accounts.

    • Define currency relationship, exchange rates, and translation rates between the company base currency and each reporting currency and between each transaction currency and each reporting currency. See Defining currency relationships (AR/CU).

      Note: You can use Report Currency Purge (GL310) to discontinue the use of a report currency or change one of the report currencies you are using.

      See Purging a report currency.

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