Prerequisites for Multicurrency Processing
The pages used to define the currency codes, rate types, and exchange rates for currency conversion are common to all PeopleSoft Financials Management Solutions and Supply Chain Management applications. You set up the currency tables once for all applications.
In addition to setting up currency tables, you must assign the currency codes to business units and SetIDs. Currency controls include the base currency for each business unit, the default currency and rate types for customers and origins, and the accounting entry templates for realized and unrealized gain or loss.
Before you can process items and payments in multiple currencies, you must perform these tasks:
Confirm that the currencies you use in your organization are already defined on the Currency Code page.
Assign a base currency to the general ledger business units with which your PeopleSoft Receivables business units are associated on the PeopleSoft General Ledger Definition page.
Note: You cannot change the base currency associated with a PeopleSoft Receivables business unit.
Set the default rate type for business units on the Receivables Options - Payment Options page.
Note: You can override the default rate type for individual customers when you set them up, and you can override the default for individual items during pending item entry.
Set up distribution codes for unrealized gains and losses.
Set up a distribution code for the AR account for translation ledgers if you enabled the multibook option.
Link the distribution codes that you created to business units on the Receivables Definition - Accounting Options 1 page.
Assign a rounding account for leftover amounts from currency conversion on worksheets to each business unit on the Receivables Definition - Accounting Options 1 page.
Specify the journal template to use when the system transfers revaluation information to the general ledger for each PeopleSoft Receivables business unit on Receivables Definition - Accounting Options 1 page.