The Currency Balance Accounting process means that the currency is stored at balance level in the general ledger, making it possible to retrieve a balance in the accounting currency and the corresponding value in the required currency. One of the code parts in the code string is used for storing the currency codes.
Basic Data Requirements (BDR) for Currency Balance Accounting
To use Currency Balance Accounting, first define the code part to be used for the currency code. This is done in Define Code String where the code part function
Curr Balance is selected for the code part. Then the currencies the company is using are entered in Accounting Rules/Code String/Code Parts, the tab for the code part that is defined for Currency Balance Accounting. Enter one or several new accounts in Account and mark the Currency Balance box. The currency balance accounting can also be used on existing account, if the account has no balance.
Updating Routine
If an account is to undergo currency balance accounting, the updating routine compiles the transaction’s foreign amounts to a foreign amount in the balance table. The transaction’s currency code is then placed in the code part to be used for foreign exchange accounting in both the balance table and in the transaction in the general ledger.
Follow-up, Currency Balance Accounting
The transactions that update currency in the balance table are marked Yes in the Currency Accounting field in GL Voucher Details Analysis. The user can find balance information on the currency balance accounting in GL Balance Analysis where the currency code can be used as a selection term. Balance information can also be shown in reports created in IFS/Report Generator.