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Base Currency is a Foreign Currency
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Base Currency is a Foreign Currency
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Boyd
Advanced Member
Posts: 39
1/26/2011 3:40 PM
I am in the process of setting up a company in Lawson with a Base currency of Brazilian Reals. This will be my first venture into setting up a company with a base currency other USD. Does anyone have any thoughts on setup or issues that may arise in processing AR or AP in this company. Any thoughts are appreciated.
Adam Jacobson
Veteran Member
Posts: 69
1/26/2011 5:22 PM
when dealing with foreign currency, it helps to think of the process into three parts:
1) Daily transactions in AP and AR.
2) Month end revaluation (mostly of AP and AR balances)
3) Translation and consolidation
Since you focus on AP and AR, the key things to remember are that transaction date is now important. The system will value invoices as of the transaction date (generally the invocie date) and not as of the GL posting date. This can create confusion.
Also, be sure you have standard rules for updating your currency rates. If you do it daily, there's less of an issue. if you do it monthly, you can have unexpected results.
The biggest challenge - will you be consolidating your Brazilian company with your USD companies? Then report currency set up is quite important.
Good luck.
Carlino
New Member
Posts: 1
7/1/2011 1:04 PM
Hi Boyd,
To add a little to Adam, Brazil has some specific requirements on the exchange rate used for non-BRL transactions as well as the frequency it must be updated. I can get you the link to the government provided exchange rates, which must be updated daily. Since you will be BRL base currency, it will not matter as much since it will only use the exchange rates for non-BRL transactions.
I would be interested in knowing how you are planning on consolidating as we have a Brazil entity, but have USD base (and it's own set of challenges).
Thanks
John Carlino
Global Industries
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