Considerations before setting up currency

If your organization conducts business in only one currency, your considerations for currency setup are clear-cut. The only setup required is to define a currency code that shows the currency in which you do business.

If you operate in more than one currency, additional planning and setup is required. Before you start your Currency setup, you must consider these:

• Determine the number of currency codes you are required to define, based on the number of currencies you will use.

• Determine if your general ledger company will use currency exchange and if the currency exchange involves triangulated currencies.

• Determine if your general ledger company will use translation. If so, which translation method is right for the company.