Blog

Adjust Exchange Rates

• Businesses that operate in the global economy often need to handle transactions in multiple currencies.
• Business Central is a multiple-currency system that can handle these transactions.
• Currency exchange rates are constantly changing, so we need to adjust them regularly to ensure that the amounts in accounts are correct.
• By default, the General Ledger uses our local currency, but we can also use another currency with the current exchange rates assigned.
• We can also designate a second currency as a reporting currency, business central will automatically record amounts in both currencies on general ledger entries and other entries.
• We can adjust exchange rates on customers, vendors and banks and additional reporting currencies by using the Adjust Exchange Rates batch job.
• To run the batch job, search for Adjust Exchange Rates and click the related link.

• The Adjust Exchange rates page opens, let’s start by entering the Starting and Ending Dates.

• In the Posting Description field, provide information about the adjustment, this will display on the adjustment entries.

• Next, define the Posting Date of the adjustments. This will be typically the same as end date.

• We will now enter the Document No. for our adjustment entries.

• We can also specify what we want to adjust, like customers, vendors, banks or general ledger accounts or additional reporting currency.

• Finally, we can specify the currencies we want to adjust the exchange rates for and click OK.

• The batch job will post adjustments entries in the unrealized gains account, unrealized losses account, realized gains account or realized losses account defined for each currency on the Currencies page.
• Balancing entries will be posted in the Receivables, Payables, and bank general ledger accounts.
• Thus, we have adjusted our exchange rates.

 

this is how you can "Adjust Exchange Rates" in Business Central.

 

Leave your questions, queries and suggestion in comment box below.