Microsoft Dynamics 365 Business Central is a powerful enterprise resource planning (ERP) system that offers robust multi-currency processing capabilities. With this functionality, you can easily process transactions for customers, vendors, and bank accounts using currencies other than your local currency. In this article, we’ll explore the ins and outs of multi-currency processing in Dynamics 365 Business Central, including how to add additional currencies, manage exchange rates, assign currencies to customers and vendors, and track foreign and local amounts. So let’s dive in and discover how to unlock the full potential of multi-currency processing in Business Central!
Setting up multi-currency
Go to the Currency page and create the required additional currencies.
Use the Currency Exchange Rates page from the Process menu to record exchange rates. This table needs to be frequently updated, possibly daily, to reflect current exchange rates for transactions.
Assign currencies to applicable customers, vendors, and bank accounts. The currency code will default to the documents/journals when it’s used.
Document Processing
On the document or journal, review the currency code that defaults and then follow the normal steps in the processing the document.
The transaction will keep track of the foreign amount as well as the converted local currency amount. This can be reviewed on the Vendor Ledger Entries page.
