Defining Currency Buckets

The currency buckets setup options determine whether your application is configured for one currency environment (for companies that transact only in one currency) or a multiple currency environment (for companies that maintain account balances in multiple currencies). You can have up to three currency buckets; for example, Entered, Functional, and Reporting.

To define Currency Buckets:

1. In Account Reconciliation, select Manage, and then System Settings. In System Settings, select Currency and then Currency Bucket.
2. Select a label for the multiple currency bucket for Balances and Transactions data. For example:

   • Entered—Report balances and transactions in the currencies in which they occurred.

   • Functional—Report balances and transactions in the currency associated with the entity that owns the account.

   • Reporting—Report balances and transactions in the currency used for system-wide reporting.

3. Select whether to Enable the currency bucket to display in the application.
4. Select a Default Currency; for example, US Dollar (USD).