Open Forum

 View Only
  • 1.  Changing Functional Currency

    Posted Aug 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 Aug 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

If you've found this thread useful, dive deeper into User Group community content by role