Please explain the concept of Dual Currency

[ajeeshmb]

Hi
Anybody Please explain the concept of Dual Currency?

[admin]

The following document will server the purpose.

http://www.redrock.net.au/articles/2Roadsto11i.pdf

[anu_uma]

Hi Admin,

I am not able to check from the given link, can you pls explain or give some details about the dual currency????

[admin]

Dual Currency conversion to Multiple Reporting Currencies (MRC)

Dual Currency in General Ledger is functionality which enables businesses to translate your account balances from your functional currency to a reporting currency using weighted-average rates as well as standard translation rates (period-end, average and historical rates). Using Dual Currency under both the Journal Method and Reporting Method results in a reporting set of books. This set of books structure can be adapted to service the Multiple Reporting Currencies (MRC) setup if required.

The big differences between Dual Currency and MRC are,

? Dual currency uses a weighted average rate, MRC uses the daily rates
? With MRC the reporting set of books contains current balances at any time during the month since conversion to the reporting currency is done at the time journals are posted. With Dual Currency conversion occurs at the end of month so reporting currency balances are not representative on a ?live? basis.
? Dual currency occurs only within the General Ledger, MRC extends to subsidiary ledgers. For example with MRC Payables transfers to General Ledger twice ? once in the primary set of books and once in the reporting set of books.

[anu_uma]

Hi Admin,

What are the required set ups that are to be done ???

TIA