Turn off multiple base currencies

About base currency

The base currency is the operating and reporting currency for an Intacct company or entity. For example, a UK entity operates in the base currency of GBP, while a US entity operates in the base currency of USD. You run reports for the UK entity in GBP and for the US entity in USD.

You can choose to assign a different base currency to each entity in your multi-entity company. You do this by first enabling multi-base currencies and then enabling a separate base currency for each entity as needed.

About turning off multiple base currencies

You can turn off multiple base currencies if you only use a single base currency for all entities in your multi-entity company. Turning off multiple base currencies simplifies your transactions and reporting. If your company operates in one base currency, multiple base currencies are unnecessary.

If you decide to turn off multiple base currencies, Intacct validates that your company uses a single base currency for:

• Entities
• Consolidation books

You can still transact in multiple currencies after you turn off multiple base currencies. Ensure that multi-currency is enabled in General Ledger.

All entities in your company will use a single base currency.

Determine eligibility for turning off multiple base currencies

You can turn off multiple base currencies under the following conditions:

• You only use one currency for your entities and consolidation books.

  You can turn off multiple base currencies.

• An entity has a different base currency from the rest of your company and no transactions.

  You can turn off multiple base currencies. First set the base currency for that entity back to the same base currency as the other entities.

You cannot turn off multiple base currencies under the following conditions:

• An entity uses a different base currency from the rest of your company.

  You cannot turn off multiple base currencies for your company.

• You have an elimination entity with a different base currency from the rest of your company.

  You cannot turn off multiple base currencies.

The following table offers a summary of when you can turn off multiple base currencies in a multi-entity company, by examining a single entity.

Does the entity:

Use more than one base currency	Transactions	Active entity	Turn off multiple base currencies?
Yes	Yes	Yes or No	No
Yes	No	Yes or No	Yes, if the entity has no transaction activity, and you first set one base currency for all entities.
No	Yes	Yes or No	Yes
No	No	Yes or No	Yes

Before you begin

You can go the Entities page to confirm that your company only uses a single base currency for all entities.

Go to Company > Setup > Entities.

If the base currency list includes one currency only, you can turn off multiple base currencies for your company.

Turn off multiple base currencies

You can turn off multiple base currencies in your multi-entity company by clearing a checkbox in the Multi-Entity Management.

1. Go to Company > Admin Subscriptions.
2. On the Subscriptions page, find Multi-Entity Management and select Configure.
3. In the Entity preferences section, clear Enable multiple base currencies.

What happens when you turn off multiple base currencies

Intacct validates that your company is eligible to have multiple base currencies disabled. If your company uses a single base currency, Intacct turns off multiple base currencies. You can only use a single base currency going forward.

Next steps

If you need to consolidate across entities with a single base currency, you can use Domestic Consolidation.

If your business needs change, you can enable multiple base currencies again.