Denominated Currency Accounts, Foreign Currency and Project Accounting

  • 20 January 2021
  • 2 replies
  • 733 views

Userlevel 7
Badge +10

I'm noting this here for some future reference.  I've seen this on a couple of different environments in a few different ways from a few different screens, but each time it's been the same solution....Enable Multi-Currency Projects.  This is the error I was getting when trying to release various financial transactions, all linked to projects.

“Error: Inserting 'GL Transaction' record raised at least one error. Please review the errors.  Denominated GL Account currency is different from transaction currency.”

 

The error you get when releasing a document is a bit vague and other than the little red "X" at the top of the screen, there's no clear place to see the error as no tabs or cells are flagged.  The error text is a bit misleading and could be clearer.  It would be nice if the error message referenced that the “Project Currency is different from the Transaction Currency”

The error message leads you to check the AP or AR account or maybe that the bank account is in the correct currency and if it's related to an expense claim like today's error was, the employee and their related AP account are both referencing the correct currency.  This one really threw me for a loop because it was a quick check and it doesn't even post to the AP account.  

However, the currency of the expense or revenue in this situation was CAD, but the base currency of the system is USD and the currency of the project that the expense was related to was also USD.  So I needed to turn on Multi-Currency Projects on the Enable/Disable Screen.

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2 replies

Userlevel 7
Badge +11

Hi @meganfriesen37 

One should not set currency for non- cash account on Chart of account. The error comes when one sets a currency for a GL account on Chart of account, which is non Cash account. 

Hope this helps.

Regards,

Userlevel 7
Badge +10

In the error noted above, the scenario was for a quick check generated by a expense claim linked to a CAD credit card (the only denominated account involved, as it has to be as a cash account).  There was no currency denomination on the expense GL accounts.  My biggest issue here was that the error text was very vague because on the surface you can’t tell what the error is.  The error in this scenario has nothing to do with the currency denomination on the actual GL accounts.  It’s the currency on the project that is the issue.  In this case, the project was a USD project and the user had a CAD expense and Multi Currency Projects was not turned on.  The screen shots above are I think from 2020R2 (can’t remember now, as it was over a year ago).

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