Multi-currency setup with Management Reporter
When setting up multi-currency and testing out the financial data in Management Reporter, the user performing the configuration can often run into situations where the data being produced through Management Reporter does not relate to the trial balance in GP.
For instance, one company might be setup with a functional currency of Euro and another company might be setup in Japanese Yen. When converting the reports to the US Dollar, the report might be displaying different exchange rates without showing any reason behind the translation.
Here are some common setup mistakes I have run into in the past when trying to produce financial statements in Management Reporter with multi-currency:
1. Setup Exchange Rate Reporting Units
2. Grant access for the company to the exchange rate
3. Assign exchange rate translation type to each specific account
4. Make sure the account format "Main Segment" is the same for each company
Setup Exchange Rate Reporting Units
Go to Microsoft Dynamics GP >>> Tools >>> Setup >>> Financial >>> Multi-currency
Select the exchange rate to use for each reporting type. Typically Balance Sheet accounts will be reported off of a "Current" rate; meaning the accounts are subject to a translation at that specific moment in time, so if the company reports monthly, then it would be best to use a "Current" exchange rate for the end of the month.
For profit and loss accounts, translation might occur on a day to day basis, so using an "Average" rate would be the best approach. An average rate is a series of exchange rates daily, where an average for the month is calculated and input into a separate exchange rate table.
Grant Access for the Company to the Exchange Rate
Go to Microsoft Dynamics GP >>> Tools >>> Setup >>> System >>> Multicurrency Access
For each exchange rate that is setup in Dynamics GP, security access must be granted for the company to use that exchange rate. Perform step one above will be difficult if this step is not performed, because the exchange rate will not be available for viewing in the lookup window for Multicurrency Setup.
Assign exchange rate translation type to each specific account
There is a tool that can be used to quickly assign accounts to either a Current or an Average rate type. Management Reporter looks at this setup structure to determine which rate to use for each account. This is a common miss when trying to troubleshoot Management Reporter.
Go to Microsoft Dynamics GP >>> Financial >>> Cards >>> Multicurrency Account Update
Restrict the accounts for the balance sheet by inserting a range on the "Main" segment between the natural account range. Make sure to grant access to those accounts for all currencies involved with transactions. Use the drop down in the lower right hand corner to assign the rate type to both balance sheet and profit and loss accounts.
Make sure the account format "Main Segment" is the same for each company
I have devoted many hours to trying to figure this one out. When multiple companies are used, sometimes the "Main Segment" is not the same for each company. Because Management Reporter utilizes a data mart to hold the transaction information, it also holds company setup information and makes translations based on account format.
Make sure that all companies reporting, have the same "Main Segment" setup in the Account Format setup window. You will probably have to rebuild the data mart if this is not true for all companies.
Microsoft Dynamics GP >>> Setup >>> Company >>> Account Format
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