Multiple Currency Startup
When you set the Multi-Currency field to Y in IM-A International Configuration, the entire system is set for multiple currency processing. Many programs will not let you use them until you get your system properly set up for multiple currency processing.
System setup includes the following:
Create appropriate General Ledger accounts
Enter currency codes
Enter currency exchange rates
Enter currency checking accounts
Assign currencies to vendors (initially the program assigns all to base currency)
Assign currencies to customers (initially the program assigns all to base currency)
Assign the Currency field in all open and closed sales orders, purchase orders, vouchers, and AP checks to base currency
All of this can be done via a single startup program named MCSTART. You must run this program before you can begin multi-currency processing.
MCSTART Multi-Currency Startup Program
Before you run this program, you should study IM-B Enter Multiple Currencies and set up the various GL accounts that will be needed for the multi-currency system.
To run the multi-currency startup program, go to UT-A Run a DBA Program and type MCSTART and press <Enter>.
The first thing the program will do is take you to IM-B Enter Multiple Currencies, where you can set up the various currencies you will be using. You can set up a minimum of one currency and return to IM-B later if you want to add the rest. At a minimum you must set up your base currency.
After escaping from that program, MCSTART automatically takes you to IM-C Enter Currency Exchange Rates where you can enter current exchange rates for each of your currencies.
After escaping from that program, MCSTART automatically takes you to AD-B Checking Accounts Defaults where you can set up bank accounts for each of your currencies. Each bank account must be assigned to a currency, so when you create a new bank account, make sure you have its currency set up beforehand.
After escaping from that program MCSTART takes you to a listing of vendors. The program assigns all vendors a default of base currency. You can then select just those vendors that transact in foreign currency and change them from base currency to source currency.
After completing vendor currency assignments, MCSTART takes you to a listing of customers. The program assigns all customers a default of base currency. You can then select just those customers that transact in foreign currency and change them from base currency to source currency.
After completing customer currency assignments, MCSTART asks you, as a first time multi-currency user, if you wish to assign the Currency field in all your open, and closed, and historical sales orders, purchase orders, vouchers, and AP checks to base currency. You should do so, because at the time all these items were entered you were on a single currency system, which was your base currency. If you wish to change any open sales orders, purchase orders, and vouchers to source currency, you will have to manually change their Currency fields and adjust the amounts on the line items.
After this last routine is finished processing, you will be told that the multiple currency conversion is complete.