Re: Multiple currencies in Inventory

[BPCSConsultant@xxxxxxx]

Greetings,

One solution to the need for currency on the cost master is called the 
"logical currency" setup.  This is not a modification to the system, but 
rather a specific setup which allows you to enter costs as though they were 
in local currencies.

Basic design of the setup is as follows:

A fake - or "logical" - currency is setup to act as the global currency.  For 
example we'll call it 'AAA' - 'Global Currency'.

At least one company must be setup for each local currency in which you wish 
to manufacture or hold inventory.  You do not have to setup a company just 
because you wish to transact in a specific currency.

Here's the confusing part...  Unique exchange rate tables are created for 
each local currency in which you wish to manufacture or hold inventory.  This 
exchange rate table is used on the company master as the table used to 
exchange transactions to base currency.  In each table the logical currency 
is set with an exchange rate of 1 to the local currency of that specific 
company.  For example, there are two companies operating in US and Canada.  
We'll call them 1 and 2 respectively and their currencies are USD and CAD 
respectively.  We will create two rate tables, AAUSD and AACAD to represent 
the spot rate table for company 1 and 2 respectively.  Within AAUSD the 
exchange from AAA to USD is 1, likewise in the AACAD the rates from AAA to 
CAD is 1.  Also when setting up the exchange rates in each of the tables you 
will setup rates from AAA to all other currencies in AAUSD table as though 
AAA was USD and in AACAD accordingly.

Facility specific costing must be turned on.  Following the company setup, 
you will then have facilities which can contain costs in local currencies.  
You will in fact enter the costs in these facilities as though they were in 
local currencies for that facility.

Since this is such a sweeping setup change, you should fully test it in your 
environment to ensure you do not have anything which may be affected by it.

Confusing as it may sound, I know this works, as I am a "now independent 
former SSA" financial consultant and have set it up on several occassions for 
clients who did not want to modify the system.
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