Dynamics GP Setting Currency Decimal Places

By Tracey BrinkmanCompany, General Ledger, Inventory, Microsoft Dynamics GP, Multi-Currency, Purchasing, Sales, SystemWith 2 comments

Dynamics GP Setting Currency Decimal Places

We recently looked at what happens when you increase the currency decimal places, then later decide you want them changed back. I decided to pull together the various areas that the decimal places are set and review what happens when you change the decimal places. Also where and when you can and can’t decrease the currency decimal places.

First, when you create your Currency, you will specify a decimal separator and number of decimals for that currency.

Administration >> Setup >> Currency Setup

Currency Setup

Decimal (from help Text)

Select an option for separating decimal amounts for the currency ID. You can select Space, Period, Comma or Apostrophe. For example, decimals are separated in US currency using a period, as in $1,000.00.

After you’ve selected a separator, select the number of decimal places that will be used for displaying currency amounts in windows and on reports. You can select 0, 1,2,3,4, or 5.

Note: You can increase the decimals here, once it has been increased and saved, you cannot change it back to a lower number on this screen.  There is a process to decrease in Microsoft SQL Server but only if you have not posted any transactions with the higher decimal number.

http://support.microsoft.com/kb/865702

Assign Functional Currency for the company.

Microsoft Dynamics GP >> Tools >> Setup >> Financial >> Multicurrency.

Functional Currency

Select your Functional Currency.

Functional Currency

Enter the currency ID that represents the currency this company typically uses for its business. When you’ve selected a functional currency, you should complete the check links procedure on the System Setup Table to assign the selected functional currency ID to any existing transaction records. See your System Administrator’s Guide (Help >> Contents >> select System Administration) for more information about checking links.

Once you’ve entered transactions, the currency ID you enter here can’t be changed and all transactions will be calculated using this currency ID.

You can also specify the number of decimals for Non-Inventory Items.

Sales >> Setup >> Sales order Processing Setup >> Currency Expansion button

SO Processing SetupSales Non-Inventoried Currency Decimals Setup

Currency

If you’re not using Multicurrency Management, enter or select a number of decimal places to use when displaying currency amounts for non-inventoried items. Amounts will appear in this format whenever a non-inventoried item is entered.

Currency expansion button

Opens the Sales Non-Inventoried Currency Decimals Setup window where you can define currency decimal places for non-inventoried items. This button is available only if you’re using Multicurrency Management.

Purchasing >> Setup >> Purchase Order Processing >> Currency expansion button

PO_Full Processing SetupPO_NonInventoried Currency

Currency

If you’re using Multicurrency Management, enter or select a number of decimal places to use when displaying currency amounts for non-inventoried items. Amounts will appear in this format whenever a non-inventoried item is entered.

The Currency field isn’t available when you are using Multicurrency Management.

Currency expansion button

Opens the Purchasing Non-Inventoried Currency Decimals Setup window, where you can define currency decimal places for non-inventoried items. You’ll be able to define decimal places for each currency to which your company has access. The expansion button is available only when you are using Multicurrency Management.

Inventory >> Setup >> Inventory Control

Inventory Control Setup

Currency

Select the number of places to the right of the decimal point to be used to track currency amounts for inventory.

The number you enter in this window will appear as a default entry in either the Item Maintenance window (if you’re not using Multicurrency Management) or in the Item Currency Maintenance window (if you’re using Multicurrency Management), so you should select the number of decimal places you’ll use most often. However, you can change the number of decimal places for a particular item.

Decimal places for price lists and unit of measure schedules must match the number of decimal places that are assigned to the corresponding item.

 Inventory >> Cards >> Item Class Item

Item MaintenanceItem Currency Maintenance

Currency Decimals

Enter or select the default number of decimal places to use for entering displaying currency amounts for the selected item.

If you are using Multicurrency Management, this field isn’t available; enter default currency decimal places for items in the Item Currency Maintenance window. Go To: Item Currency

Item Class SetupItem Class Currency Setup

Assigning a currency to an item class

If you’re using Multicurrency Management, use the Item Class Currency Setup window to assign currencies to item classes. You must assign a currency to an item to be able to create a price list in that currency for the item, or use the item in Sales Order Processing or Purchase Order Processing.

If you make a change to the Currency Decimals for a Currency ID in a Class, once you save the change and exit you will be asked if you want to roll down the changes to items in this class. Make sure you have a backup of your company database prior to doing this in case you decide you are not happy with the changes.

Do you want to roll down changes

Is there a way to change “Currency Decimals” on the Item Maintenance window after an item is saved?

There is a Change Decimal Places Utility

Inventory >> Utilities>> Change Decimal Places

Inventory UtilitiesChange Decimal PlacesChanging the currency decimals will round

When you make changes using this window, all item records, purchase receipts, quantities, vendor information, serial numbers, lot numbers and kits will be updated.

The Decimal Places Change Audit Report will be printed automatically when you change decimal places. The report lists the old and new decimal places, the amounts that posting accounts need to be adjusted due to rounding, and the price lists and unit of measure schedules that may no longer be valid.

Changing decimal places may make existing price lists and unit of measure schedules invalid. If price lists or unit of measure schedules are invalid, they will be removed from the item records, and you’ll need to assign the items to others. If you prefer, you can create new price lists or unit of measure schedules that reflect the decimal place settings you’re using now and assign the items to them.

Effects of changing decimal places for currencies for items

If you change the number of decimal places used to keep currency information for an item, the effect of your change will depend on whether you’re increasing or decreasing the number of decimal places.

If you’re decreasing the number of decimal places

All receipts are rounded, and all item records, purchase receipts, quantities, vendor information, and kits are updated. Refer to the table for information about how currency amounts are rounded when the number of decimal places is decreased.

Original amount Rounded to Result
.6215 Two decimal places .62
.6045 Two decimal places .60
.6455 Two decimal places .65

If you’re increasing the number of decimal places   Zeros are added for all amounts on the purchase receipts. For example, moving from two to three decimal places would change cost information from $4.57 to $4.570.

I hope you find this article helpful when setting up your Currency Decimals. Contact us if you have any questions. support@isolutionspartners.com