Fusion General Ledger: Currency creation Setup/ Configuration

Definition: A system of money in general use in a particular country called currency

Types of currencies

1. Functional currency/Accounted currency/ Primary currency (Local currency)
2. Entered currency / Foreign currency (Foreign currency)
3. Reporting currency (Head quarter currency)
4. Stat currency

These three currencies called monitory currencies and Stat currency (Ratios, meters and feet) called non monitory currencies 

1. Local currency in India = INR
2. Local currency in USA = USD

For India INR is functional currency (Local currency) and USD is foreign currency 

For USA USD is functional currency (Local currency) and INR is foreign currency

• Go to set up and maintenance
• Set up: Financials
• Functional Area : Financial reporting structure 
• Task: %Mange %currencies%
• Select Manage currencies

•  Then select Manage currencies after UI (User Interface) will open)
•  All currencies are predefined in system and we can create also
•  Search for currency code (INR), it is predefined currency it should be Enabled then only we can use this currency, Start date should be back date
•  Save and close or save