Business Unit Setup - Value 2 Entries

Value 2 properties refer to the second of the four currency values that can be held on a transaction. This is the transaction currency and, as such, is not a fixed currency. The value 2 currency on a transaction may vary from one transaction to the next, so the currency code is identified on the transaction itself, for example it is entered in Ledger Entry (LEN).

  1. Complete this information in General:
    Other Currency Name
    A generic name given to the Value 2 currency value entered on posting transactions. For example, Transactions Currency, or Original Currency.
    Other Currency Post Rule
    The posting rule that controls whether or not a transaction currency value is required on each ledger transaction. Three options are available:
    • Undefined (or blank) - this option prevents a transaction currency value being entered.
    • Only present if entered - this option allows a transaction currency to be entered manually on a transaction. However, the value is optional, so if a transaction currency code is not entered a value is not calculated.
    • Calculated if not entered - this option means the transaction currency value is mandatory. If the transaction currency code is entered, the transaction value is calculated from one of the other currency values entered (depending on the pivot currency). If a transaction currency code is not entered, the base amount and currency code are copied into the transaction currency amount and code details.
    Note: If currency adjustments need to be made in this currency alone, these posting rules can be overridden on a journal type.
  2. Complete this information in Amount Balancing:
    Other Currency Am'nt Balancing
    You may wish to force the transaction currency values on the transactions in a journal to balance, that is to net to zero. Sometimes, the values may not be exactly balanced due to conversion rounding errors. This option determines whether the transactions must balance, and if so how an imbalance is corrected. Two options are available:
    • None - the currency values do not need to balance.
    • Manual - the user must manually balance the transaction currency values in the journal.
  3. Complete this information in Balancing Details:
    Credit Balancing Account
    The ledger account to which any transaction currency balancing transactions generated in Ledger Import with a credit value is posted. If you leave this blank, all balancing transactions are posted to the Debit/Net Balancing Account.
    Debit/Net Balancing Account
    The ledger account to which any transaction currency balancing transactions generated in Ledger Import with a debit value is posted.
    Note:  Normally these entries are made before the chart of accounts is created. You must ensure these accounts are created and are not Memo accounts. Otherwise, error messages are received during posting.
  4. Save your changes.