Easily Replace EU Currency Field from the Equipment Sales Agreement

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How to Replace EU Currency Field from the Equipment Sales Agreement

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hi everyone welcome back to my channel today were going to be going over how to create a currency field in salesforce so lets go ahead and get started we are in the setup which is where you want to start if youre not in the setup and you are just in your regular salesforce youre going to want to click this gear icon and go to setup from here were going to go to object manager and then youre going to want to pick the object right now were going to go to account and just created on the account from there well go to fields and relationships to new and here were going to choose from our custom fields where its going to be so were going to click currency and either scroll up or scroll down click next field labels this what were going to have it be you can choose what it is um lets have this be the cost so how much does this account cost us on our end so it can be up to 18 uh digits but because its currency im going to do 16 and 2. you can add descr

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How do you change the reporting currency?

If transactions have been posted in the legal entity, the only way to change or add accounting and reporting currencies is to create a new legal entity that has the correct currencies.

What is the process to change functional currency?

You simply need to translate all items of assets and liabilities into the new functional currency using the exchange rate at the date of change. For non-monetary items, this amount will be the items new historical cost. It means that you are NOT going to update the recalculation at the year-end with the closing rate.

Is a change in presentation currency a change in accounting policy?

Functional and presentation currency The change in presentation currency is a voluntary change which is accounted for retrospectively. All other accounting policies are consistent with those adopted in the annual financial report for the year ended 31 December 2015.

Can a company have more than one functional currency?

A distinct and separable operation cannot have more than one functional currency. However, a single legal entity could comprise more than one distinct and separable operation, in which each has its own functional currency.

What happens if a functional currency of a foreign operation is different?

If the functional currency is different than the reporting currency, the acquired operation is a foreign entity. If the functional currency is the same as the reporting currency, the acquired operation is a domestic entity.

Can you change the functional currency of a company?

As described above, an entitys functional currency reflects the underlying transactions, events and conditions that are relevant to it. Hence, once determined, the functional currency does not change unless there is a change in the underlying nature of the transactions and relevant conditions and events.

What causes change in functional currency?

The functional currency can be changed only if there is a change to the underlying transactions, events or circumstances of the company.

What determines a companys functional currency?

A company can determine its functional currency by considering certain vital factors. The factors that affect the choice of functional currency are: the company acquires its loan money in this currency, it is the currency that most affects sales price, and it is the currency in which the company accrues expenses.

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Replace EU Currency Field from the Equipment Sales Agreement