We live in a global village, where everything is connected and nothing is too far or out of reach. As time goes by, more companies expand their business activity to additional countries by founding branches, subsidiaries etc. that perform their business activity in the local currency. However, when handling financial reporting everything should be reported in the same currency, usually the local currency used by the headquarters.
If the system currency defined in your company database is different than the local currency, the Conversion Differences functionality is for you:
Based on the selection criteria you define, SAP Business One recommends which journal entries to post for adjusting the differences between the account/business partner balance in the system currency and the balance in the local currency.
After generating the report, you can review the recommended transactions and choose which ones to post. In addition, you can review the transactions you didn’t choose to post by choosing the “Previous Report” button. You can accelerate the Conversion Differences report generation by deselecting the option “Enable Opening Row Details”.
Available from SAP Business One, version for SAP HANA and SAP Business One. This tip and all the other tips are available on the Tip of the week community page. You can also visit the Implementation Arena for useful implementation tips.