How to set up a company in Multicurrency Management in Microsoft Dynamics GP

Set up default Multicurrency Setup information in the Multicurrency Setup window

1. Open the Multicurrency Setup window. To do this, follow the appropriate step:
   •  Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then click Multicurrency. 
2. In the Functional Currency list, click the currency that you want to use.
   
   Note You cannot change the functional currency after transactions have been posted against the selected functional currency.
   
3. In the Reporting Currency list, click the currency that you want to use.

Set up Multicurrency Rate Types in the Multicurrency Rate Types window

1. Open the Multicurrency Setup window. To do this, follow the appropriate step:
   •  Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then click Rate Types.
2. In the Multicurrency Rate Types window, follow these steps:
   1. Determine which rate types are associated with each currency’s exchange rate table.
      
   2. Note different exchange rates on the same exchange rate table for different purposes, such as for buying and for selling.
      
      
      
      
3. Set up your default Multicurrency Posting Accounts in the following order:
   • Rate Type
     
     1. oint to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Financial, and then click Rate Types.
     2. Click your Exchange Table ID, and then click the Accounts button.
        
     3. Assign your default posting accounts.
        
   • Currency ID
     
     1.  Point to Tools on the Microsoft Dynamics GP menu , point to Setup, point to System, and then click Currency.
     2. Click your Currency ID, and then click the Accounts button.
        
     3. Assign your default posting accounts.
        
   • Posting Accounts Setup
     1.  Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Posting, and then click Posting.
     2. Assign your default posting accounts.
   After you set up the accounts, the accounts are searched in the same order in which you set them up.

Assign currency access to your GL accounts

Use one of the following methods.

Method 1: Use the Select Account Currencies window

1. On the Cards menu, point to Financial, and then click Account.
   
2. Click Currency.
3. Assign currency for your GL accounts.

Method 2: Use the Multicurrency Mass Account Update window

1. On the Cards menu, point to Financial, and then click Currency Account Update.
   
2. Assign currency access to your GL accounts.
   
   
   
   
   
   
   

Method 3: Use the Multicurrency Account History window to enter historical multicurrency information for your GL accounts

1. On the Cards menu, point to Financial, and then click Currency Account History.
   
2. Use the Multicurrency Account History window to enter historical multicurrency information for accounts.

Enter a default Currency ID for your customers

Use one of the following methods.

Method 1

If you use Customer Classes in the Sales series, enter a default Currency ID at the customer class level. Then, roll this Currency ID down to each of your customers who is assigned to this customer class. To do this, follow these steps:

1.  Point to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Sales, and then click Customer Class.
2. In the Class ID box, click your class ID, click to select the Default check box, and then click Save.
   
   Note After you assign a currency ID, you receive the following message when you click Save:
   Do you want to roll down changes to customers in this class?
   If you click No, the currency ID will not be saved to existing customers. But the currency ID will be saved for future customer records that are assigned to the Customer Class. If you click Yes, the currency ID will be saved and then rolled down to all existing customers who are assigned to this Customer Class.

Method 2

Assign a default Currency ID to your customers in the Sales series. To do this, follow these steps:

1. On the Cards menu, point to Sales, and then click Customer.
2. In the Customer ID box, click the customer ID, and then click Options.
3. In the Currency ID box, click a currency ID, click OK, and then click Save.
   
   
   
   

Enter a default Currency ID for your vendors

Use one of the following methods.

Method 1

If you use Vendor Classes in the Purchasing series, enter a default Currency ID at the vendor class level. Then, roll this Currency ID down to each of your vendors that is assigned to this vendor class. To do this, follow these steps:

1. oint to Tools on the Microsoft Dynamics GP menu, point to Setup, point to Purchasing, and then click Vendor Class.
2. In the Class ID box, click your class ID, click to select the Default check box, and then click Save.
   
   Note After you assign a currency ID, you receive the following message when you click Save:
   Do you want to roll down changes to vendors in this class?
   If you click No, the currency ID will not be saved to existing vendors. But the currency ID will be saved for future vendor records that are assigned to the Vendor Class. If you click Yes, the currency ID will be saved and then rolled down to all existing vendors that are assigned to the Vendor Class.

Method 2

Assign a default currency ID to your vendors in the Purchasing series. To do this, follow these steps:

1. On the Cards menu, point to Purchasing, and then click Vendor.
2. In the Vendor ID box, click a vendor ID, and then click Options.
   
3. In the Currency ID box, click a currency ID, click OK, and then click Save.