Journal type currency overrides

The journal type determines the input and validation rules that apply to the transactions in the journal.

When you define a journal type using Journal Type (JNT) you can override the multi-currency and memo value posting rules that have been established for the business unit.

For example, if the journal type is to be used to post currency adjustments, you may need to override the Value 3 Currency Post Rule in Business Unit Setup to allow you to enter amounts in the reporting currency rather than have them calculated automatically.

If the posting rule for a transaction value has been set to Undefined in Business Unit Setup, it means the transaction value is not being used in the ledger. You cannot override this setting using a journal type override. However, you can use an override to set the posting rule to 'Undefined' for a particular transaction value to prevent the value being entered for the journal type. For example, if transaction currency values are used throughout a business unit, but should not be entered on general journals, you would set the posting rule to 'Undefined' for the transaction currency on the journal type setup.

You can also set up a journal type that suspends all of the posting rules for a journal. This bypasses all of the amount and rate checking and should only be used in exceptional circumstances.

Note: The posting rules you establish for an account using Chart of Accounts (COA) override any rules that have been established for the business unit, or for a particular journal type.

You can choose to override the currency rate tolerance checks for the journal transactions, and exclude the journal transactions from the revaluation processing.