Work With Multiple Currencies in Business Central

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When working with a customer or vendor in the vast majority of ERP’s on the market a few choices have to be made within your ERP to decide what your working relationship is going to look like. What is their billing location? Is it the same as their shipping location? Most of these choices can be adjusted invoice to invoice with one major exception. Currency. Typically, if there is one customer, there is one currency that they are billed in. If expenses are incurred in a different currency, they are converted to the one typical for your relationship. A similar story happens with vendors as well. However, Business Central offers increased freedom to work with multiple currencies within the same customer or vendor.

Working with multiple currencies

Within any outward facing document in Business Central there is a currency code field.

 

Here we can select all currencies set up within our system, excluding LCY (Local Currency). Leaving currency code empty will default to LCY. This allows for companies to have just one vendor/customer for all of their disparate currencies. From an operational perspective, this avoids confusion as in other ERPs the only way to work with ABC Corp in CAD and USD as a customer, is to have two entities within your ERP. This can produce material errors in your business. Accommodating changes for vendors/customers that would like to work in a different currency is straight forward as well. Supposing your LCY currency is CAD and your customer would like a bill converted into USD, selecting the currency code USD automatically deletes the CAD lines and supplants them with USD.

Reporting on customer balances

Finally when reporting on customer balances, Business Central allows reporting in one consolidated currency regardless of which currency the underlying transaction is in. Alternatively, reports can produce the base currency where that information is more relevant.

If you would like to learn more about how to work with multiple currencies in Business central please reach out to us as Rimrock. We would be happy so assist you.

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