The Multi Currency app adds the transaction currency to the General Ledger in Microsoft Dynamics 365 Business Central. In the standard version of Business Central, the only currencies that exist in the General Ledger are the Local Currency and the Additional Reporting Currency. This app adds the transaction currency so that it can be used to revalue certain foreign currency Balance Sheet accounts.
All transactions have a Transaction Currency Amount and a Transaction Currency Code. In Business Central, if the Transaction Currency Code is left blank then the currency is Local Currency of that company. If the currency is another currency other than the LCY currency, then it is a foreign currency. In our app, we define the foreign currency transactions as the Transaction Currency Amount (TCY). It is important to note that the TCY can include transactions with a blank currency code which means the currency code is the same currency as the LCY.
In Business Central there can be three separate transaction amounts as follows:
In the standard version of Business Central, the TCY is not stored in the General Ledger. The TCY is only shown in the Vendor Ledger Entries, Customer Ledger Entries and Bank Ledger Entries tables. This causes problems for customers that want to see the foreign currency balances for certain accounts in the General Ledger. It is also a problem since some of the Balance Sheet accounts that are really held in a foreign currency are shown only in LCY and therefore cannot be revalued.
This app transforms Business Central into a true multi-currency General Ledger, and adds two fields into the General Ledger Entries table, namely the Transaction Currency Amount and Transaction Currency Code.
This is a new process that is included in our app. The Ledger Revaluation process will allow the following:
1. Revalue both LCY and ACY from the TCY
2. Revalue the LCY from the TCY (default setting)
3. Revalue the ACY from the TCY
This app meets the requirements of international accounting standard IAS 21.