Hello, we are getting asked if we can change base currency in our system. Has anyone done this or what are the recommendations?
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I’ve never attempted this, but I have to assume it’s just not possible. There are so many tables that contain currency fields related to all the transactions. In addition, you would have to recalculate the exchange rate on a daily/weekly/monthly basis for all of your history, and then depending on the rules for your company, you’d have to restate all your financial reports for those historical periods - or something like that - I’m overwhelmed just thinking about the impact outside the system.
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This one feels like a maybe or perhaps a sometimes depending on some other variables.
I’m tempted to say this is one of the things that locks itself down once transactions start occurring. I’m also nearly certain that you can get a fix from support that changes this although you might not be able to do so via the UI.
Edit: left out the assumption that you are NOT multi currency. If you are multi currency, I think that’s a different story.
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100% - I was really focused on the impact versus the ‘how to’ as it is, at least to me, the bigger picture questions that management and accounting need to address.
I’m thinking like you - it’s a no-go once you begin transactions - especially the GL - but you never know what Epicor can do if you ask the right question.
So we are already using Multi currency, (sell and purchase both in CAD and USD) but currently our base currency is CAD, we want to switch all financial reporting to USD
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If you have USD set as the reporting currency, then you really just need to change the reports to use the Rpt1xxx field names instead of the fields they are using now.
We have two reporting currencies - GBP and EUR - which are also the base currencies in our EU companies. We do the same reporting trick so our other companies can have their combined EU reporting.
Ok, i was just speaking to our finance team and what they are asking is that the GL transactions are in USD not CAD… my gut feel is that it isn’t possible in the current company that has transactions on it already, but i wanted to double check