Re: IFM Financial Division Currency

["Bob Tenney" <bobtenney@xxxxxxxxxxxxx>]

The Euro Conversion tool converts all amounts in MAPICS at the SAME exchange
rate. If your goal is reporting in USD at HISTORICAL rates, then you will
need a way to identify historical rate transactions and override the Euro
Conversion. Once you start to override, you need to make sure that
overridden summary files (e.g. ledger balances) agree with overridden
supporting details.

Before you make this conversion, you need to be sure that you will still be
able to comply with Singapore's local reporting requirements. Most
governments insist on tax compliance reports etc be in THEIR currency--not
USD. They also insist on auditing in THEIR currency.

MAPICS tax compliance reporting assumes that the local currency is the one
used for reporting. If you switch to USD, then you have to redo the reports
so they show Singapore $. If you ONLY do business in Singapore $ and USD the
IFM, COM, and PUR files have the data that you need in their transaction
currency fields. If you do  business in other currencies, then your reports
have to convert the USD amounts to Singapore $ at the appropriate exchange
rate.

Bob Tenney
Bob Tenney Solutions, LLC
MAPICS - FRx - Presence - Crystal Reports
828-526-8976

Visit www.tenneypubs.com for books about
IFM, COM, G/L Interfaces
Info WorkPlace, Cost Accounting,
FRx, and PRESENCE
----- Original Message ----- 
From: "Selvaraj Pillai" <selvaraj.pillai@xxxxxxxxxxx>
To: <mapics-l@xxxxxxxxxxxx>
Sent: Friday, April 16, 2004 2:44 AM
Subject: IFM Financial Division Currency


> Hello,
>
> We are in the thinking of changing our functional currency from Singapore
> $ to US $. I knew that it is going to be huge amount of work involved in
> each of the MAPICS modules where we have kept the amount in local
> currency. Financial division reporting currency also need to be changed to
> US$. Is there anyone from the MAPICS user group has performed such a
> project?. If so, please share your experience.
>
> Regards,
>
> S.P. Selvaraj
> Senior I.T. Specialist, Asia Pacific
> Pemstar Singapore Pte Ltd
> Tel.  Dir (65) 6586 8009, Cell (65) 9653 4048, IP Phone 4368
>
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