Multicurrency Cash Account: Implementation Checklist
The following sections provide details you can use to ensure that the system is configured properly for configuring a cash account in a foreign currency, and to understand (and change, if needed) the settings that affect the processing workflow.
Implementation Checklist
We recommend that before you initially configure a cash account, you make sure the needed features have been enabled, settings have been specified, and entities have been created, as summarized in the following checklist.
| Form | Criteria to Check |
|---|---|
| Enable/Disable Features (CS100000) | Make sure that the Multicurrency Accounting feature has been enabled. |
| General Ledger Preferences (GL102000) | Make sure that the rounding gain and loss accounts have been specified. |
| Currency Management Preferences (CM101000) | Make sure that the realized gain and loss accounts have been specified. |
| Currencies (CM202000) | Make sure that the foreign currency in which you want to denominate the new cash account has been activated for use in accounting. |
| Currency Rates (CM301000) | Make sure that a currency rate for the needed currency has been defined for the financial period in which you want to create documents. |
For details on configuring the functionality, see Multicurrency Functionality: Implementation Activity. For details on configuring currency rates, see Configuration of Rate Types and Rates: To Configure Rates and Configuration of Rate Types and Rates: To Set Up Refreshing of Rates.
Other Settings That Affect the Workflow
You can affect the workflow of configuring foreign currency cash accounts by specifying additional settings as follows:
- To cause a separate GL batch to be generated for each released document, clear
the Generate Consolidated Batches check box on the General Ledger Preferences (GL102000) form.
If you select this check box, on release of multiple documents, the system will group documents by branch, posting period, and currency, and will generate the batches on a per-group basis rather than on a per-document basis. Because multiple documents combined into one batch may have different currency rates, in the batch, the system always shows the rate that was effective on the Transaction Date of the batch. In a batch that combines transactions from multiple documents, the single displayed rate may differ from the actual document rates.
- To cause all saved batches to be saved with the Balanced status, clear the Hold Batches on Entry check box on the General Ledger Preferences form. If the check box is selected, a batch is saved with the On Hold status by default. If the batch is on hold, you should click Remove Hold on the toolbar of the Journal Transactions (GL301000) form for the batch so you can process it further.
Validation of Configuration
To make sure that all configuration has been performed correctly, we recommend that in your system, you create a GL transaction with a cash account denominated in a foreign currency by performing instructions similar to those described in Multicurrency Cash Accounts: To Process a GL Transaction.