Currencies Setup In Navision

How To Setup Currency In Microsoft Dynamics NAV( Navision)?

In Navision you can use the Currencies window to set up codes for each currency you use in your company accounting.
You must set up a code for each currency you use if you buy or sell in currencies other than LCY, have receivables or payables in other currencies, or record G/L transactions in both LCY and an additional reporting currency.
The window contains a line for each currency.

To setup Currencies in Navision you have to follow following procedures

• Open Currencies Window( Financial Management --> Setup --> General --> Currencies)
• Click Currency(Button)->Card or Shift + F5
• Fill General Tab Details:

1. Code Field:Here you can enter a currency code. You can enter a maximum of 10 characters, both numbers and letters.
2. Description Field: Here you can enter a text to describe the currency code.
3. Fill details like Unrealized Gains Acc. , Realized Gains Acc. ,Unrealized Losses Acc., Realized Losses Acc. Field.
4. EMU Currency Field: Place a check mark in this field if the currency is an EMU currency, for example DEM or EUR. If you apply entries in different EMU currencies to one another, a check mark must be placed in this field for all EMU currencies.

• Fill Rounding Tab Details:

1. Invoice Rounding Precision Field: Here you can specify the size of the interval to be used when rounding amounts in this currency. You can specify invoice rounding for each currency in the Currency table.
2. Invoice Rounding Type Field: Here you can specify whether an invoice amount will be rounded up or down. like Nearest, Up and Down.
3. Amount Rounding Precision Field: Here you can specify the size of the interval to be used when rounding amounts in this currency.
4. Fill the details like Amount Decimal Places Field, Unit-Amount Rounding Precision Field, Unit-Amount Decimal Places Field etc. These are the important fields but if you are mension all the fields you can utilize these feature most.

• Exchange Rate Updation

1. Open Exchange Rate window by clicking Exchange Rate Button
2. Starting Date Field: Here you can enter the date on which the exchange rate on this line comes into effect. The exchange rate on this line will be effective from this date until the date in the Starting Date field on the next line.
3. Exchange Rate Amount Field: You use this field and the Relational Exchange Rate Amount field to enter amounts that the program uses to calculate exchange rates for the foreign currency on this line. The amount you enter in this field is relevant for the currency in the Currency Code field.
4. Relational Exch. Rate Amount Field: You use this field and the Exchange Rate Amount field to enter amounts that the program uses to calculate exchange rates for the foreign currency on this line. The amount you enter in this field is relevant for the currency in the Relational Currency Code field.
5. Adjustment Exch. Rate Amount Field:You use this field and the Relational Adjmt Exch Rate Amt field to enter amounts that the program uses to calculate exchange rates that will be used by the Adjust Exchange Rates batch job. This batch job uses the adjustment exchange rate to make exchange rate adjustments (gain and loss entries) to G/L, customer, vendor and bank entries. The amount you enter in this field is relevant for the currency in the Currency Code field.
6. Relational Adjmt Exch Rate Amt Field:You use this field and the Adjustment Exch. Rate Amount field to enter amounts that the program uses to calculate exchange rates that will be used by the Adjust Exchange Rates batch job.
7. Fix Exchange Rate Amount Field: In this field, you specify whether the currency's exchange rate can be changed on invoices and journal lines.