Multi-currency: GL company [in-depth guide]
LABS: The feature is currently in LABS.
To activate the lab: Menu>Admin/Manager>System Setup>Account Information>Workamajig Labs>Allow GL companies to have foreign currency>click Enable
Overview
GL company currency allows you to set up your GL company with a different currency than the home currency of the instance.
NOTE: For existing clients where the GL company was set up previously without being able to set the currency; you must create a new GL company to utilize this feature. The new GL company must have the currency field set to run your financial reports in that currency.
GL tracking options: The 'home currency' for the instance is set in the GL tracking options > Multi-currency tracking.
GL companies: The GL company currency is set in the GL settings > GL companies.
Financial reports
NOTE: Currently the corporate P&L and balance sheet are the only financial reports that can be displayed in a foreign currency.Corporate P&L: When running the corporate P&L for a specific GL company, the report has the option to run the report in the currency of the GL company. The currency of the GL Company will display on the report, once a GL company is selected. It will be displayed in the Convert to: report option.
By default, the report will run based on the 'home currency' of the instance. When you select 'convert to' (foreign currency), the report will display all amounts for that GL company in the foreign currency.
Balance sheet: When running the balance sheet for a specific GL company, the report has the option to run that report in the currency of the GL company. The currency of the GL company will display on the report, once a GL company is selected. It will be displayed in the Convert to: report option.By default, the report will run based on the 'home currency' of the instance. When you select 'convert to' (foreign currency), the report will display all amounts for that GL company in the foreign currency.
Example of balance sheet and drill-down view: