In this blog we will be highlighting the steps in implementing additional reporting currency in Dynamics 365 Business Central. The benefit of additional reporting currency is users can view the balances and net change on the Chart of Accounts page in local currency as well as foreign currency.

Step 1: Update Currency Card:

Update G/L account in Realized G/L Gross Account, Realized G/L Losses Account, Residual Gains Account and Residual losses Account.

Step 2: Search for Chart of Accounts in Global Search and select appropriate link. Update Adjust Additional Currency Amount in Chart of Accounts.

In “Reporting” tab, select “Adjust Additional Currency Amount”.

Link this, all the required G/L Account in “Chart of Accounts” page need to be configured (as shown above).

Step 3: Enable the “Additional Reporting Currency” feature in “General Ledger Setup”

Now, when you go and view the Chart of Accounts, where you can see the “Additional Currency Net Change” field is automatically updated. Net Change will show the values in Local Currency and Additional Currency – Net Change will show the value in Additional Reporting currency as per setup in General Ledger Setup.

Step 4: Select the “Adjust Exchange Rate” batch job report

Currencies > Process > Adjust Exchange Rate

Since the exchange rates fluctuate often, we need to run this job/function “Adjust Exchange Rate” similarly often to correctly post the General Ledger entries and to ensure the relevant account is adjusted and updated. For any questions about these steps or if you are struggling with your current Dynamics 365 environment, please reach out to Support@BondConsultingServices.com for more info. Or you can click here to schedule a free consultation with one of our Dynamics experts.