Armanino Blog

Currency Translation Default Exchange Table IDs–Demystified!

April 22, 2011

A few days ago I was browsing GP when I noticed a section in GP that I was not familiar with.

I used to provide multicurrency support in LATAM as well for a company I used to work for but this time I was left with a question mark.

If you go to Tools > Setup > Financial > Multicurrency you will see Multicurrency Setup window that now includes a section named "Currency Translation Default Exchange Table IDs"

I searched all over the internet and GP help files but with no luck, then I asked on Microsoft Communities when a friend from Fargo provided such information.

After installing GP 2010 SP1 you can translate GL amounts in a specified currency. Management Reportes can use translated amounts directly from Dynamics GP.

A currency translation allows you to report GL in different currencies that are not either the functional currency or the originating currency.

That's why they (MS) added this table to setup exchange rate to be used for translation.

Translation Types:

Average uses a single exchange rate for each GL period, the values are converted to the reporting currency using an average exchange rate for the individual period as entered in the exchange table.

Current uses a single exchange rate based on the report date, the values are converted to the reporting currency using the exchange rate on the "as of date" for the report.

Historical uses a single exchange rate based on the transaction date, when an account is converted to the reporting currency individual transactions for the account are converted to the reporting currency using the exchange rate that was valid on the transaction date, then all summary information will be recreated for the account, based on the translated amounts.

In all three types if an exchange rate couldn't be found then functional currency amounts are used.

There are more features that came along with this new characteristic, and obviously you need FP1 for Management Reporter.

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