1. Implementing Multicurrency in an Existing Dynamics GP Environment Rod O’Connor 20-NOV-2014

2. Agenda Introduction Why Multicurrency? Setting up Multicurrency Configuring the General Ledger Configuring Accounts Receivable Configuring Accounts Payable Other Considerations Questions

3. Introductions A bit about me: Started life as an accountant in 1995 First ERP implementation in 1997 Crossed the aisle to ERP consulting and IT in 2000 Currently owner at Briware Solutions Inc., a Dynamics GP Partner in Toronto, Ontario (Canada) A bit about my demo environment: SQL Server 2014 Dynamics GP 2013 r2 3

4. Why use Multi Currency Any time we need to track a transaction and/or account balance in a currency other than our “Functional” currency, Multi-Currency can streamline our process Briware Solutions (CAD) Accounts Receivable (USD) Accounts Payable (USD) Bank Account (USD)

5. Um…Functional Currency? Functional Currency: The currency for our Financial Reports, usually set by our local tax authority (IRS, CRA, etc) Originating Currency: The currency assigned to the transaction or account balance. May or may not be the same as functional currency.

6. The “functional” value of transactions over time Invoice Period End Settlement Functional Currency = CAD USD Rate CAD $100.00 1.05 $105.00 1.06 $100.00 $106.00 $100.00 1.03 $103.00 UNREALIZED GAIN/LOSSREALIZED GAIN/LOSS Gain/Loss 1.00 -2.00

7. How would we record this without Multi- Currency?

8. How does Dynamics GP record it?

10. Before you Begin - What you will need Coding convention for currencies Printing standards for each currency Exchange Rate standards Frequency Source GL Accounts Realized Gain/Loss Unrealized Gain/Loss Rounding New AR/AP Accounts Customer/Vendor Classes?

11. More of what you will need System Password Your Dynamics GP Partner Ensure they understand Multicurrency A backup of DYNAMICS and ALL company databases Lots of quiet time Optional Integration Tool SQL Access

12. Setup Multicurrency: System Level Settings

13. Set up Currencies Microsoft Dynamics GP -> Tools -> Setup -> System -> Currency

14. Set up Exchange Tables Microsoft Dynamics GP -> Tools -> Setup -> System -> Exchange Table

15. Set up Company Access Define a list of currencies each Dynamics GP company (database) can transact in Identify appropriate Exchange Tables for each company Microsoft Dynamics GP -> Tools -> Setup -> System -> Multicurrency Access

16. Set up Company Access Microsoft Dynamics GP -> Tools -> Setup -> System -> Multicurrency Access

17. Setup Multicurrency: Company Level Settings

18. Setup company Multicurrency Microsoft Dynamics GP -> Tools -> Setup -> Financial -> Multicurrency

19. Set up Rate Types Microsoft Dynamics GP -> Tools -> Setup -> Financial -> Rate Types

20. Posting Accounts Can be set up by Rate Type Currency Company (Posting Accounts Setup) Setup is company Specific

21. Set up by Rate Type Microsoft Dynamics GP -> Tools -> Setup -> Financial -> Rate Types (Click on Accounts)

22. Set up by Currency Microsoft Dynamics GP -> Tools -> Setup -> Financial -> Currency Accounts

23. Set up by Company Microsoft Dynamics GP -> Tools -> Setup -> Posting -> Posting Accounts (Select Financial)

24. Enter Exchange Rates Cards -> System -> Exchange Table

25. Run Check Links Microsoft Dynamics GP -> Maintenance -> Check Links

26. Configuration: General Ledger

27. Setup Account Currencies Can be done in bulk or individually Multicurrency Mass Account Update Multicurrency Account History Select Account Currencies Used to limit currencies by account (e.g. CAD Bank account can not accept GBP transactions) Make sure Retained Earnings can accept all currencies!

28. Mass Account Update Cards -> Financial -> Currency Account Update

29. Account History Cards -> Financial -> Currency Account History

30. Account Currency Cards -> Financial -> Account Currencies

31. Update Chequebooks Cards -> Financial -> Chequebook

32. What to consider… Are you going to try to affect history? If so: How far back? How detailed? Do you need new GL Accounts? Generally separate AR/AP by currency

33. Configuration: Accounts Receivable

34. Customer Class Microsoft Dynamics GP -> Tools -> Setup -> Sales -> Customer Class

35. Customer Class Accounts Microsoft Dynamics GP -> Tools -> Setup -> Sales -> Customer Class (Click on Accounts)

36. Customer Master Cards -> Sales -> Customer (Click on Options)

37. Customer Accounts Cards -> Sales -> Customer (Click on Accounts)

38. Updating the customers Create/Update classes manually Export customer list to Excel and use integration tools to update customers SmartConnect Integration Manager Update the functional currency customers too.

39. Other AR Considerations… Open documents Reverse and rerecord? Update through SQL? Leave as is? Open Sales Orders/Quotes need to be considered as well History documents Are you planning to affect history? Not usually recommended Only possible through SQL

40. Configuration: Accounts Payable

41. Payables Management Microsoft Dynamics GP -> Tools -> Setup -> Purchasing -> Payables

42. Vendor Class Microsoft Dynamics GP -> Tools -> Setup -> Purchasing -> Vendor Class

43. Vendor Class Accounts Microsoft Dynamics GP -> Tools -> Setup -> Purchasing -> Vendor Class (Click on Accounts)

44. Vendor Master Cards -> Purchasing -> Vendor (Click on Options)

45. Vendor Accounts Cards -> Purchasing -> Vendor (Click on Accounts)

46. Updating the Vendors Exact same methods can be used as listed for Customers Don’t forget to do the Functional Vendors as well

47. Other AP Considerations… Open documents Reverse and rerecord? Update through SQL? Leave as is? Open Purchase Orders and Requisitions need to be considered as well History documents Are you planning to affect history? Not usually recommended Only possible through SQL

48. Other stuff to think about… Add on modules External Systems and Integrations Reporting Are you using the Amount or the Originating amount fields? Which one should you be using for your report? Previous Accounting Method What do you do with the “Exchange On” accounts? Include your CPA where appropriate

49. Questions?

50. Thank You! Rod O’Connor Briware Solutions Inc. rod@briwaresolutions.com @Briware_Rod (follow me!) 1-844-BRIWARE (Toll Free) 289-236-3164