| # Currency types An LN company uses these types of currencies: Home currencies The base currencies used by a company, in which all amounts are expressed. In a multicurrency system you can define up to three home currencies for each financial company. Except in a standard currency system, one of these must match the reference currency. In a single and independent system, the reference currency by definition matches the local, functional currency. If you use more than one home currency, amounts are calculated and stored in all three home currencies. In sessions that display home currency amounts, you can use the Rotate Currency command to display the amount in the home currency that you want. In the standard currency system, currency rotation is only enabled in display sessions and reports of both G/L, and A/P - A/R subadministrations. In addition to this, as of Infor LN FP5, the Financial Statements (FST) module offers extended options for multicurrency reporting. The three home currencies that you can define for a company are: The local or functional home currency The home currency is the legal currency of the country in which the company is established. Tax reporting must usually be done in the local home currency. Reporting currency 1 and reporting currency 2 Alternative reporting currencies. Reference currency (also called logistic currency) In any currency system other than the standard currency system, the reference currency is the home currency that is used for the company’s accounting. In the single as well as the independent currency system, the reference currency equals the local (that is, functional) currency of all financial companies. In a dependent currency system, the reference currency is the base for all calculations with currencies. In the standard currency system, the reference currency is just a non-home, common currency between companies, in which currency shared amounts can be expressed: it is not used as currency base for calculations. Transaction currencies The currencies used for transactions with your business partners. For example, these amounts are expressed in transaction currencies: Contract amounts Invoice amounts Price lists |