Re: IFM Financial Division Currency

[Selvaraj Pillai <selvaraj.pillai@xxxxxxxxxxx>]

Bob, Thank you for your advise. We are just in the initial stage, 
basically we want to have one MAPICS environment for all our sites in 
Asia-pacific and currently they are in different environment. After our 
initial investigation we have found that standard MAPICS can support this 
concepts if the functional currently is only one. Yes, of course there may 
be someother issues that MAPICS have some flexibility to resolve. So, we 
are thinking if we have one common currency may be USD for all the sites 
(country), we can have one environment for all the sites with Warehouse, 
Financial Division, Company separating each sites withing the environment. 
We have also listed down various other issues/impact towards the migration 
of many environment into one common environment. Our finance team also 
investigating various impacts to this concepts in terms of financial 
aspects such as Government regularity, auditing etc.

As a system person, I am sure that it will be a huge task doing it 
manually, but after your advise I hope that ECCA can tremendously reduce 
our workload.

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
 




"Bob  Tenney" <bobtenney@xxxxxxxxxxxxx> 
Sent by: mapics-l-bounces@xxxxxxxxxxxx
04/16/2004 08:31 PM
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Subject
Re: IFM Financial Division Currency






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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>

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