Question

Currency migration

  • 6 December 2021
  • 3 replies
  • 94 views
J
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Userlevel 1
Badge +1
  • jpmd
  • Do Gooder (Partner)
  • 0 replies

We would like to adapt an existing setup to another currency (HRK to EUR).

 

Can anyone add/edit topics that should be considered for such an exercise?

-general currency parameters adaptation

-back up of historic data in original currency

-setup of option to have (all) reporting in original currency (parallel)

-emission of invoices in double currency for transition period (6m-1y)

-processing incoming invoices in double currency (handling suppliers that wouldn’t have made the transition)

-…

 

Thank you.

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3 replies

T
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Userlevel 7
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Hi, 

Sorry to say .. . Your inquiry is unclear.   Please describe what your wanting to do using IFS terms / perhaps IFS screens. 

I’m guessing you want a certain IFS function (parallel currency) enabled and have retroactive effects. For example turn on parallel currency today, on a live company that has been using IFS for months or even years.    Rather than guess what your asking, please - restate the question, ideally include a screen print or more if needed,   

If this is parallel currency, is this for a new company no transactions- or existing company (with existing transactions), or even a to be created company (we plan to create a new company and want to set up parallel for a company we plan to set up). 

Then also include the IFS version.   

Best regards, 

 

Thomas

A
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Userlevel 7
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I think your case is company in Croatia, which is going to adopt EUR in near future. I am not sure how it was done in IFS when EUR was introduced, but I think the best way would be to create new company with new accounting currency (EUR) and perform migration of opening balances. This would keep the original data intact. 

HRK can be set-up as parallel currency, if required.  

 

Regards, Adam
Alex Crooijmans
Rank
Badge +4

@Adam Bereda ,

 

Parallel currency can only be setup when a new company is created, If you would make the new company for Croatia you would create it with accounting currency = ‘EUR’.

Still I think it’s strange that you would need to create a new company when an European country moves from their old currency towards EUR. You would expect a conversion or something like that. 

Regards,

Alex.

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