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Setting up Multicurrency in GP with Management Reporter

Setting up Multicurrency in Dynamics GP with Management Reporter is very different from the days of Rate Tables in FRx. Setting up Multicurrency for financial statement translation requires building the currency translation logic in Dynamics GP, both the rate tables and what method each account uses to convert to a reporting currency.

The purpose of the White Paper, “Consolidation design in Microsoft Dynamics GP and Management Reporter”, the 2nd in the Consolidation Accounting Series, is to provide the step-by-step setup requirements for performing multicurrency consolidation in Dynamics GP and Management Reporter.

Consolidated Currency Translation

 

This document covers the required setup to perform multicurrency consolidation in Dynamics GP and Management Reporter. It leverages the design concepts presented in the first white paper in the Consolidation Accounting Series, Consolidation design in Microsoft Dynamics GP and Management Reporter. This White Paper focuses on setting up both Microsoft Dynamics GP and Management Reporter to successfully perform multicurrency consolidations.

Dynamics GP Currency Translation Setup

  • Functional Currency
  • Create Exchange Tables and Enter Rates
  • Create the Month End, Average, and Historical TRANSLATION Exchange Tables Management Reporter Translation Setup
  • Multicurrency Access
  • Multicurrency Setup
  • Rate Types
  • Translation Type for Accounts
  • Entering Historical Currency Translations

 Management Reporter Translation

  • Create Report
  • Create a column indicating the reporting currency required
  • Create a report definition
  • Cumulative translation adjustments under FSFAS 52 (OCI)
  • Validate the Account settings

Summary

Multicurrency translation can be very complex and include the need for multiple company account structures, companies outside of Dynamics GP, minority interest, international accounting standards, and more. Having a well-thought-out multicurrency design adds significant value to any consolidation process.

This white paper is intended for Accounting and Financial users and consultants that are responsible for producing consolidated financial statements in Dynamics GP and Management Reporter.

Request a free copy “Consolidation design in Microsoft Dynamics GP® and Management Reporter®” at http://unifiedbiz.com/currency-translation