Turn on multiple currency

Before you can work with multiple currencies, you must turn on the multiple currency feature.

Before you do this, you must add a general ledger account for foreign currency translation adjustments. See the related information. Set the account up as an asset (or contra-asset) or equity. Once you turn the multiple currency feature on, you cannot turn it off.

To turn on the multiple currency feature

1. Open the General Ledger (CSGL) page.

   a. Select Utilities > Company Setup > Module Setup > General Ledger.

   Or

   b. Search for CSGL in the Navigation box and then select General Ledger

   The General Ledger (CSGL) page appears.

2. Click the Default Country Lookup Reference.

   The Lookup For Default Country window appears.

3. Select the row that contains the required country, and click Select. Or, double-click the row that contains the required country.

   Click Cancel to exit from the Lookup For Default Country window.

   The currency associated with the country automatically displays in the Default Currency field.

   This is your company’s functional currency, in other words the currency your company uses. Once you set the functional currency and transactions take place, you cannot change it.

4. In the Default Account and Fiscal Year section, select the Multi-Currency check box.

5. Click the Frgn Currency Translation Adjustment Acct Lookup Reference.

   The Lookup For Frgn Currency Translation Adjustment Acct window appears.

6. Select the row that contains the required account, and click Select. Or, double-click the row that contains the required account.

   Click Cancel to exit from the Frgn Currency Translation Adjustment Acct window.

7. On the Toolbar, click Save. The changes are saved.