Marc
The biggest issue is one that most overlook. As soon as possible ensure
that your environments are tailored and configured for multi-currency. Most
try to do this all at once and it is painful.
What I have been successful in is to tailor for multi-currency in cross
application support and then create tables of US Dollar to "Local Currency".
In most cases the "Local Currency" is US Dollar (USD) so most overlook this
relationship. You need to ensure that the USD is configured not only as a
relationship to the "Local Currency" but is also configured as the
"Default".
Once this is done, it is fairly simple to begin to "turn on the currencies"
as and where needed.
In IFM, be certain that you ensure that all of the personal ledgers, in
country ledgers (companies/financial divisions) and cash ledgers are
properly defined with the currency of the transactions.
Also ensure that there is a process in place to maintain the translation
tables. Note that I usually create two tables. The default table "MAPICS"
is required and is used for all transactions. So this becomes my up to date
translation table. Meaning, I have a process to maintain this table daily.
Then I create a separate table called "CORP" that is used by the finance
group to set the "annual standards" for all reporting.
Kevin
-----Original Message-----
From: mapics-l-bounces@xxxxxxxxxxxx [mailto:mapics-l-bounces@xxxxxxxxxxxx]
On Behalf Of Marc Rohde
Sent: Monday, May 12, 2008 8:56 AM
To: MAPICS-L@xxxxxxxxxxxx
Subject: [MAPICS-L] Lessons Learned and Tips for Moving to Multi-Currency
We are about to start migrating our two Mexican plants from their current
accounting systems into IFM and I though I would ask an open end question to
the experts in this group. Are there any lessons learned, gotcha, tips or
tricks that you would recommend when making this transition?
We will configure each of the Mexican plants as separate companies operating
in a Peso currency and take a phased approach when bringing in the new
processes to mitigate risk. We will start with loading summary information
from the current system to validate our reporting then we start moving their
process starting with purchase-to-pay, inventory, accounts rec, etc. This
approach has worked well for me in the past for US based migrations and hope
that currency won't be a sticking point for this one.
Thanks in advance for your feedback and information,
Marc
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