In the G/L account - Currency code field is availble . Generally when you are maintaing the books , that should be in company currency only . then What is the use of the currency code field in G/L account, please explain with an business scenerio.
It has been answered, just read what Pranav wrote.
IF you define this currency code, WHEN you enter this account onto a general journal the currency code is populated automatically, and therefore the value in the journal is in that currency unless changed.
Hope i didnot explain my question properly or you did not get the question .
In Vendor card , customer card , bank card , we have currency code . When the vendor / customer belongs to other country then we will specify that currency code , when we do the transaction it will show the balance in that currency , where as our books in local currency .( G.ledger balances will show in Company currency Ex . INR)
Same way for Bank , where Company opened an account in other country , then we will assign that currency code to know the balances of in that currency , where as our books ( Bank ledger balances will show in local currency )
Now tell me the same why G/L account has the currency code and what is the use ?( Generally Company accounts will maintain in Local currency only) . If it is yes , then what is the point to have the currency code ? ( I am looking for a business scenrio to meet the requirement )
You have an expense account that is directly entered into through a general ledger journal, this is used for overseas expenses where teh primary decalred currency is not your home currency. You do not receive an invoice for this, it is an expense account as such, say an employees expense. They always declare teh expense in a foreign currency, thereofre when you enter the general journal it defaults to the defined foreign currency to enable you to key the values in based upon teh reflected entry - on posting it converts it to your home currency. It is for ease of entry when a direct journal transaction is in a foregin currency. Take a bank account for bank adjustments posted directly to teh ledger not through the bank, take purchase or sales journals that are entered directly to the ledger.
Actually i was trying to understand the G/L exchage adjustmnet batch job ( where i could able to understand the AP / AR exchange adjustment batch job ) . I though this currency code is link with G/L exchange adjustmnet batch job . Now i got that it is not at all link with G/L exchage adjustmnet batch job.
I request you to please tell me why we need to run the G/L exchange adjustment batch job ?
When you run the AR/ AP exchange rate batch job , system will update the sub ledgers ( Customer ledger / Vendor ledger ) and General ledgers also .
Can you give one scenerio regarding the above statment ? because when run the AR/AP , system update Sub ledger / main ledger also . Then again why we need to run the G/L exchange rate adjustmnet batch job . This is what i am not understanding .
Sorry only adjust exchange rates from Accounts Receivable and Accounts Payable or General Ledger. If, for example, exchange rates are adjusted for customers by using the Accounts Receivable module, do not at the same time adjust exchange rates in the General Ledger module. This means you impact is on AR, AP and GL or just GL so if you only want to impact on the GL run the GL one, if you want it to be adjusted at a customer and vendor level then do it there which will update teh GL so do not run the GL routine.