| # The standard currency system Infor ERP LN 6.1 FP3 In Infor ERP LN 6.1 FP3, the following multicurrency systems are available: The single currency system The dependent currency system The independent currency system In the dependent multicurrency system, transaction amounts are converted to the home currencies via the reference currency. All companies in a multicompany structure must have the same currency system and the same reference currency. The reference currency must be equal to the local currency or one of the reporting currencies. New in Infor ERP LN 6.1 FP4 In Infor ERP LN 6.1 FP4, the new standard currency system replaces the single currency system, the dependent currency system, and the independent currency system. In the standard currency system, the focus is on the local currency. To meet complex reporting requirements, you can set up up to two Reporting currencies, each with their own exchange rate type. The following features of the standard multicurrency system differ from the functionality rate determiner of the other currency systems: Direct translation of foreign currency amounts ERP Enterprise converts amounts directly from the transaction currency into the local currency and the reporting currencies. Note: For the Reporting currencies, you can optionally set up translation into the Reporting currency via the local currency. The Reference currency The Reference currency is the currency in which balances of entities shared by all companies of a financial company group are expressed. For example, ERP Enterprise uses the Reference currency for business partner balances. It is not mandatory that the Reference currency is one of the company's home currencies. Integration transactions The integration transactions, sales invoices, fixed assets, and reconciliation data are only logged in the local currency. You can only reconcile integration transactions on business object level in the local currency. Currency rates Because foreign currency amounts are translated directly into the home currencies, you must define currency rates between all foreign currencies and all home currencies of the financial companies of a group. Rate determiner For the standard currency system, only the following rate determiners are available: Document Date, for all transactions, this is the default value Manually Entered For all transactions, Document Date is the default value. Rotate currency In Infor ERP LN 6.1 FP3, in many sessions you can use Rotate Currency to display the amounts in each of the home currencies. In Infor ERP LN 6.1 FP4, the Rotate Currency command is removed from all transaction entry sessions in Financials and from all sessions in Operations Management. In Financials, Rotate Currency is available in the following types of sessions: General Ledger sessions that query the ledger history and dimension history. Sessions that display open entries, both of Accounts Receivable and Accounts Payable. You can use Rotate Currency to display the amounts in all home currencies that the companies of a financial company group have in common. If you define currency reporting sets, the selected Currency Reporting Setups determines which common currencies are displayed. Currency reporting set A currency reporting set groups a number of financial companies for reporting purposes and specifies the common home currency used for the report. You can define currency reporting sets in the new Reporting Currency Group Setup (tfgld0680m000) session. Import currency rates To support import of currency rates from the Internet, a new ISO Currency Code field was added to the Currencies (tcmcs0102m000) session. To import the currency rates, you must write your own program. ERP Enterprise only provides the interface. Currency differences You can run the Calculate Currency Differences (tfgld5201m000) session for each home currency separately and independently. ERP Enterprise retrieves the currency rate type for the Calculate Currency Differences process from the ledger account, and generates separate transactions for each of the home currencies. For existing financial companies, you must use the Currency Initialization module to convert your currency system to the standard currency system. Related topics Standard currency system Other currency systems |