Dynamics GP Multi-Currency Setup
Posted by Mike Gordon, CPA, MCP on April 20, 2016
How do I setup Microsoft Dynamics GP Multi-Currency?
Setting up multi-currency within the generally acceptable accounting principles (GAAP) can sometimes be a bit tricky. Here's an example to walk you through the setup process in Dynamics GP.
First under the system setup, define the currency. We will use Canadian. You must setup a Currency ID and Description, an ISO Code, and a Currency Symbol. Setup>System>Currency
Next you must allow access to the currency. Setup>System>Multi-Currency Access. There is no need to define access for each exchange table that you want to use.
Next you must setup the Exchange Table. Setup>System>Exchange Table. Make note of setting up your Exchange Table ID, select your Currency ID, Rate Frequency (i.e. Monthly, Quarterly, Daily), Rate Calculation Method, and transaction Rate Default. Next click on rates in the bottom right to access and setup the rates.
Next you setup the rates. See Example below.
The last step is to setup the Currency in the General Ledger. For the purposes of our Example the Functional Currency would be Canadian. This is where we would set the rate types for Financial, Sales, and Purchasing. The Exchange Tables would be what we previously setup. Last we need to define the exchange tables to be used.
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