Here we discuss about a mandatory step of exchange rate setup in Ax 2012.
In Microsoft Dynamics Ax 2012, a list of currencies is provided by default. To go to currency list form, navigate to General Ledger -> Setup -> Currency -> Currencies
– You can also set the currency code for a currency if needed. For example, if you want to set the currency symbol like ₹ (Rupee symbol), first of all change the Current Currency Setting in the regional setting. To know how to change the regional setting, follow the link;
– Currencies form also provides a check box field ‘Reference currency for Triangulation’. To know about Triangulation currency, refer the following link;
– There is another feature of Currency Conversion on Currencies form. This feature allows users to track its financial information other than its accounting company currency in forms and reports. To know more about this feature, refer the following link;
Exchange Rate Types
Ax 2012 provides an option to setup different exchange rate which could be segregated into different Exchange Rate types. These different exchange rate types could be used for different purposes such as Financial Transactions/Reporting, Fixed assets Transactions/Reporting etc. To define Exchange Rate Type, navigate to General Ledger -> Setup -> Currency -> Exchange Rate Types
Currency Exchange Rates
To define Currency Exchange Rates, navigate to General Ledger -> Setup -> Currency -> Currency Exchange Rates
Select an Exchange Rate Type from the drop down list. Click the New button, provide the necessary exchange rates between a currency pair by selecting a currency in the From currency and the To currency drop down list.
Provide the Quotation unit as 1. Generally the exchange rates are based on either 1 unit or 100 units. If the field is set to 1 unit, the exchange rate should be specified of equivalent to 1 unit of the company currency. For example; From currency is INR and To currency is USD & Quotation unit is 1 & Exchange rate is defined as 53. It would mean that 1 INR = 53 USD (though this conversion is a Hypothetical situation in the present world 🙂 ).
To filter the display of exchange rate in the grid, select a date range by entering the From date and To date in the appropriate fields. By default, this range is set to 30 days prior to and 30 days after the current date.