Dynamics F/SCM Customer Experience (CRM) Dynamics GP Dynamics Business Central (NAV) Dynamics SL Power Platform Fabric Copilot

[Alexis Holmes]

??Hello,
I have a question about reporting currencies. We have International Company that covers our Africa Middle Eastern branches where the additional reporting currency is ZAR. The LCY is USD. We are bringing on a new hub in Kenya that uses shillings (KES) as the reporting currency and they require audited financials and statutory reports in that currency. We are trying to determine if NAV 5.0 handles the reporting component. I know that we can create multiple currencies, set-up the exchange rates and record transactions against those multiple currencies. I want to understand what happens with reporting. Do reports print in the Additional Reporting Currency based on GL Set-up (ZAR) or will they print based on the currency used when the transaction was recorded (KES).

Any information is much appreciated.
Thank you!

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Alexis Holmes
Mgr, Financial Systems
Habitat for Humanity
Atlanta GA
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[Matt Traxinger]

You won’t really find the additional reporting currency amount (from G/L Entry) used in reports unless you have custom reports that refer to it. Everything is based on the regular amount fields, which are the currency of the transaction.

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Matt Traxinger
NAV Developer
ArcherPoint Inc.
San Antonio TX
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[Samuel Champoux]

?Most reports let you print in the additional currency (this is what the additional currency was meant to).
However, you may only have one additional currency.

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Samuel Champoux
IT Director
Drummondville QC Canada
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[Cynthia Priebe]

Alexis, 

Additional Currency Batch job is used to convert LCY transactions to ACY and it is run based on the additional currency you have selected for reporting in GL Setup. After the job is run, the following existing entries will contain amounts for ACY:

• General Ledger entries
• Analysis view entries
• Value entries
• Job ledger entries
• Production order line entries

You will be able to see the results in the chart of accounts (related columns are not visible by default,) account schedule overview, analysis by dimensions and G/L balance by dimensions. You can also look for “Use Additional Reporting Currency” on reports like the Trial Balance, Inventory Valuation, and Inventory Reconcile to GL to name a few. Consider the entries listed above when determining if a report might have this option.

Unfortunately, you can only define one additional reporting currency (General Ledger Setup) so in spite of the reporting capabilities listed above, you still may not be able to do what you are asking.

Let me know if you find this helpful,

#Finance #Functional

 

??

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Cynthia Priebe MCP, DCP
Senior Analyst and Project Manager
Liberty Grove Software

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[Amanda Mayer]

I’ll expand on what mentioned with reporting. All transactions using the ARC will post at the exchange rate in the table. This typically means that BS entries are going to be posted at the daily rate and not the month end rate, which is required for US GAAP. If the local GAAP requirements are similar, you will want to update the ?Relational Adjmnt Exch Rate Amt for the last day of the period to the Month End rate and Run the Adjust Exchange Rate functionality. The accounts you want to update need to have the Reporting Exchange Rate Adjustment setup to Adjust Additional-Currency Amount.

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Amanda Mayer
New View Strategies
Milwaukee WI
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[Alexis Holmes]

?Hi Amanda,
Thank you for your reply. Based on yours and others replies, it appears as if we have ZAR as the additional reporting currency and record transactions using KES (Kenya Shillings), we will not be able to run standard financial reports from NAV that are based on the KES. Even with running the Adjust Exchange Rate functionality, the adjustment is based on ZAR. We would need customized reports that would provide financial statements in KES.

I am trying to confirm whether out of the box financial reporting is based on the additional reporting currency defined on the table or based on the currency used when recording the transaction.

Alexis Holmes 

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Alexis Holmes
Mgr, Financial Systems
Habitat for Humanity
Atlanta GA
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[Jim Bates]

?

Hi Alexis,

The G/L lines have an LCY amount, an ACY amount, and an original currency amount (and currency code) on them. You can certainly pull the original currency amount in custom reports, but I don’t see original currency on standard reports in our system (NAV 2016)

We generally setup country offices with the local currency as LCY and USD as the additional reporting currency (but sometimes the reverse, if we do most of our transactions in USD). This lets us report in any given country in their local currency. We then roll up our all our companies’ G/L transactions to a global company that has its LCY as USD. You can roll things up a couple of levels, if you need to (e.g. local, regional, global).

We use Serenic’s Navigator product to manage our awards/grants, some of which are in yet another currency. Their product adds an award reporting currency and a subaward reporting currency to the G/L lines as well. This lets us report to grantors in the currency they want to use.

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Jim Bates
Sr. Programmer/Analyst
Samaritan’s Purse
Boone NC
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