Cash account set to Multi-currency, any impact?
Just want to know if the cash account's currency was set to SGD for example and there are lots of transaction already. Subsequently, the account currency is set to multi-currency. Any impact on reporting or accounting point of views? Kindly advise if you know, thanks.
Preety Goel replied
If you enter multi-currency in the Currency field, you can post line
items to this account in any currency. The system, however, manages
the account balance only in the local and system currencies.
In other words, it does not manage the balance in the
currencies in which the items were entered. This makes it difficult to
reconcile the account with an external statements if required. You should,
therefore, try to avoid managing an account in multiple currencies if at
Please also note that this change will be irrevrsible. An account can be changed from
a single currency account to multi currency account, but it cannot be changed from
multi currency account to single currency.
SAP Business one Forums Team