Currency and Exchange Rate Setup
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Currency and Exchange Rate SetupAccounting CurrencyReporting CurrencyEnable a Currency for Currency Conversion the system will automatically convert transaction amounts in grids using the exchange rates in the lower pane. Changing the Display Currency you can display financial information in a form or report using a currency other than the ledger accounting currencySet Rounding OptionsCurrency GenderCreate Exchange Rate Types Exchange rate types are a grouping that allows different exchange rates for two currencies. Examples include Buy, Sell, Spot, and BudgetCreate Currency Exchange Rates A currency pair can only exist once and entering a reciprocal pair is not supported in the the systemCreate Revaluation Accounts Revaluation processes will generate unrealized gain/loss amounts where the settlement process will generate realized gain/loss amounts.Quotation unit
Periods and Fiscal Year Setup
The fiscal year in Microsoft Dynamics AX can be: Set to any length Divided into any number of periods Shared across multiple legal entitiesEach period (at the ledger level) can be: Closed completely or put On Hold to block transaction postings Set to enable selected users to continue an update of one or more Modules
Support multiple fiscal calendars for each legal entity.For example: Fixed assets may require two calendars one for auditing purposes and one for tax purposes. Having multiple calendars allows you to run parallel depreciations.
In Oracle there is concept of Asset Books for this purpose, while in dymics there is a concept of separate periods for tax etc.
The period types are defined as follows: Opening the period can be used to record opening balances from the previous period. Operating the period can be used to record accounting transactions. Closing the period can be used to record general ledger transactions for closing a fiscal period.
Date Intervals
Create and manage date intervals that can be used in financial statements and reports. Date intervals allow you to create dynamic dates. When you use date intervals, you can set up predefined periods when you run financial statements. Date intervals can also be used when setting up an allocation rule.
Reason Codes
Reason codes are standardized codes that can be used in various transaction types or changes to field values to provide background data about the transaction. For example, auditors or managers frequently want to see reasons recorded for various transactions such as reversals.Reason codes can be used with the following: General ledger Accounts payable Accounts receivable Bank
A reason code can be selected in the following General ledger entry processes: General journal entry Process allocation requests Elimination proposal Consolidation, Online periodic
You can delete a Reason code only if no account types are associated with it. If the Reason code has beenselected for use from another module, clear the other Account type check boxes or view the Reasons form from Basic to clear all Account type check boxes.
Financial Dimensions
detailed description of a transaction
Simplify the accounting process when you enable detailed analysis without the creation of a detailed Chart of Accounts
Are defined to analyze and classify financial transactions as follows:o Financial transactions usually are organized according to voucher and account number.o Additional grouping and classification options are available when you assign several dimensions to transactions.
Enable you to view the data file from different perspectives to improve the effectiveness in tracking figures across accounts.
Are copied to transactions automatically
Financial Dimension Sets
Financial dimension sets are used to determine how reports and inquiries related to the general ledger arerendered.
Period Allocations
Allocation is the process of distributing monetary amounts to one or more accounts or account and dimension combinations.Ledger Allocation Rules