Open Forum

Expand all | Collapse all

Changing Functional Currency

  • 1.  Changing Functional Currency

    GOLD CONTRIBUTOR
    Posted 08-29-2016 09:26 AM

    To ALL

    I have been assigned the task of taking one of my UK companies from GBP(currency) to USD(currency)

    I realize that I have to create a new company as functional currency cannot be changed --- but the issue is converting data

    Management would like to have 2016 history loaded into the new company ----- and start the UK company in 2017 as USD but

    2016 data loaded ---- as if they were USD currency in 2016 ----specifically the GL20000 and GL30000

    The only way I see of doing this is pulling the GL20000 & GL30000 details and processing them as journal entries via Integration Manager

    I realize that if they want 2015 - I would have to pull the details from gl30000 and reclose 2015 in the new company

    Any insight and advice is greatly appreciated

    Doug Hart

    ------------------------------
    Douglas Hart
    Dynamics Administrator
    Forex Capital Markets
    New York City NY
    ------------------------------


  • 2.  RE: Changing Functional Currency

    Posted 08-29-2016 09:32 AM

    Good morning Douglas

    We use a small ISV from InterDyn BMI that takes the balance sheet at month end and converts it from one currency to another at the specified exchange rate.  We go from $Can to $US each month.  It posts a JE into our Canada- $US database so that we can use in consolidated financials.

    If this sounds like something you can use, I will give you the contact info at InterDyn-BMI.  Let me know.

    ------------------------------
    Dwayne Worthy
    Director, Information Systems
    TNT Crane & Rigging
    Houston TX