To set up multi-currency accounting: -----------------------------------1.

Define the conversion rate types you want to use to maintain daily exchange rate s and to enter foreign currency journals. General Ledger comes with four predefi ned conversion rate types: Spot, Corporate, User, and EMU Fixed. 2. Define and enable the currencies you want to use.

3. Assign a functional currency to your set of books. General Ledger record s all transactions and maintains all of your account balances in the functional currency 4. If you use Multiple Reporting Currencies, assign reporting currencies to your reporting sets of books. 7. Enter the daily rates you will need. Typically, you will enter rates to convert foreign currency journal entries into your functional and reporting curr encies To work with multiple currencies in General Ledger: 1. Update your daily conversion rates regularly.

2. Enter or import foreign currency journals. If you use the conversion rat e type User, enter the currency conversion rate when you enter journals. 3. Post your foreign currency journal entries to an open period. General Le dger stores the foreign currency amount associated with each journal line, in ad dition to the converted functional currency equivalent