Generating GL balances from multiple currencies

Hi @ikarachchi 

As per my understanding ,there isn’t a built-in feature to show General Ledger (GL) balances in more than two currencies. The system can only report GL balances in two currencies: the accounting currency and one other currency (called the parallel currency).

Could you please try below two workarounds:

    1.    Design a Custom Report:

    •    You could design a custom report that converts and shows GL balances in a third currency. This would use the exchange rates (daily or monthly) stored in IFS to do the conversion. ( But need to evaluate the feasibility of this option)  

Or

    2.    Manual Calculation:

    •    You can export the GL balances in either the accounting currency or the parallel currency, then manually convert them into the desired currency using the relevant exchange rates. This process isn’t automatic but can be done when needed.

If this response helps you, please mark it as the correct answer, as it will also assist other community members in future. 

Regards

Chanuka

Hi, 

Take a look at the currency balance functionality. 

In this we essentially have a code part that is filled automatically with the currency code used on a given posting. It’s not as sophisticated as the parallel, but in most cases fills the need. 

Define a code part with currency balance functionality. Then add code part values for each currency code.   Enable currency balance on the related account. 

As a result, GL account for cash (for example) will list balances in EUR, GBP, CAD, JPY etc.  As you do transactions in those currencies for cash, the balance (per currency) is affected. 

Only issue is - as a user you can’t change the currency balance setting (on / off) per account - after the account is used.  So, this must be part of the set-up process, meaning plan ahead.   

Best regards, 

Thomas

Hi Thomas and Chanuka,

Thank you for the updates!

I have tried using currency balance functionality. This is my findings of the currency balance.

This functionality provides GL account balance only if the transaction has entered in that currency. And if we have enabled the currency balance option for an account we have to block the currency code part demand for that account. In that case we cannot enter values for the currency code part when creating transactions.

As a result, this creates inconsistencies across GL accounts—some have the currency balance option enabled, while others do not. Therefore, it didn’t retrieve the balances in different currencies across all GL accounts

We wanted to make sure whether there is a core functionality to handle this, before going for the workarounds.

Regards,

Isuri

Your comments are true, you enter the currency code for a given transaction and that fills the code part value.

In terms of generating the balances, I assumed this would be based on the actual transactions.  For example, I do a transaction in JPY, we keep that JPY balance for that account. Then as we - JPY transaction the balance of that account in JPY is also adjusted. 

My revised understanding of the request is hypothetically, show the account balance in JPY even though we never did an entry in JPY.  That’s a very different need. 

Yes they want to get the balances from a different currency. We will suggest the workarounds.

Thank you for your updates!

Hi @ikarachchi 

What’s the workaround you suggested?

I like to know it for my knowledge.

Did you check with IFS R &D team? 
 

Regards

Chanuka

Hi @ikarachchi ,  I think what you are looking for is a balance translation functionality - This is not available in IFS out of the box.

But can be easily achieved as recommended by  @Chanu_Yazi through a report.

Hi skgurram,

Thank you for the confirmation!

Regards,

Isuri