Question

Base currency in Acumatica

  • 14 March 2021
  • 6 replies
  • 43 views

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Hello Team,

Could you help me with the following question.

Where in Acumatica I can see the base currency? And how I can change the base currency?
Also, could you provide an example on how to receive the base currency via API?

Thank you!


6 replies

Userlevel 5
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The base currency is configured from the Companies page (CS101500). You select it when you create your first company and this setting is shared by every company in a given tenant (this will change in the future, but this information is accurate as of 2021 R1).
 

Officially, it can’t be changed once you set it up and start posting transactions. What is the reason you want to change the base currency and how far are you into the implementation process?

 

Regarding API access - you can read this information a few different ways: from the Branches table through OData, using the screen API (SOAP-based) or the contract-based API (SOAP or REST based). If you’re not familiar with the different integration techniques I suggest reviewing the developer resources and trainings available here: https://www.acumatica.com/developer-resources/

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Gabriel,

 

Thank you a lot!

Regards,
Andrew

Hi Gabriel,

Regarding your comment “...this setting is shared by every company in a given tenant (this will change in the future, but this information is accurate as of 2021 R1)”.

Along this line of thought, I was wondering if it’s possible to have two companies (one is a subsidiary of another), one with a base currency of USD and the second with a base currency of CAD? These are two separate legal entities but engage in intercompany transactions (USD) so I would need to report our financials for both companies separately to the US and Canadian tax authorities in USD and CAD, respectively. I’d like to work within one tenant rather than two tenants due to the intercompany/inter-branch capabilities with 2021 R1. I am currently working with two tenants and this has been a major pain point for us given the reporting requirements on both sides of the border.

Are there any solutions out there or workarounds or future improvements I am not aware of? Any help or input would be much appreciated!

Thanks,

Derek

Userlevel 5
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Hi Derek,

Acumatica has been working on this for a few years, each new release brings improvements and changes that get it closer to the day where you’ll be able to have multiple companies with different base currencies in the same tenant. I don’t have any insider information however as to when this will become reality.

Can you tell me more about the reporting requirements and challenges that you’re facing? As you know, it is possible to create a consolidation tenant/ledger and import financial data from multiple tenants for reporting.

You can also use Velixo Reports to report on multiple tenants at once without having to go through the consolidation process; you can also bring data from additional sources such as AR/AP/Inventory if you need to report on this as well (shameless plug - I built this tool!)

Thank you Gabriel!

Ultimately it would be ideal if I could work within one tenant and satisfy the reporting requirements in local currency (i.e. USD for our US subsidiary to the IRS and CAD for our Canadian parent to the CRA). In this way, I can more easily create a consolidated view/ledger without the translation. My case would involve a base currency in CAD for the Canadian parent. So my issue, according to my auditor, is I must report our US subsidiary’s results in USD. Meanwhile, there are intercompany/transfer pricing considerations between the two companies/branches. We have a physical location in both Canada and in the US (for distribution).

Any ideas or suggestions? Thanks again.

Userlevel 5
Badge +3

Hi Derek,

Using separate tenants, with manual intercompany transactions and translated ledger for consolidation is really the only option for now…

 

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