Enable multi-base currencies
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When you enable multiple base currencies in your company, Intacct adds a fee for a Consolidation subscription that uses multiple base currencies. You can select either Global Consolidation or Advanced Ownership Consolidation as your Intacct Consolidation solution. Advanced Ownership Consolidation includes all the features of Global Consolidation, plus support for multi-level consolidations with partial ownership and non-controlling interest. Contact your account manager for more information.
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.
Before you begin:
- Enable multiple transaction currencies in your Intacct company. Multiple transaction currencies is a separate option from multiple base currencies.
- Reconcile all credit cards and pay all transactions.
| Subscription | Company |
|---|---|
| User type | Business user with admin privileges |
| Permissions | Entities: List, View, and Add |
-
Go to Company > Admin > Subscriptions.
- On the Subscriptions page, select Multi-Entity Management, then select Configure.
- In the Entity preferences section, select Enable multiple base currencies.
- In the Value approval currency section, select a Value approval currency from the dropdown list.
Select a value approval currency
When enabling multiple base currencies, you can set a value approval currency for purchase transactions and expense reports. A value approval currency enables Sage Intacct to translate the transaction currency into a common currency. This common currency is used to evaluate transaction approval thresholds and determine whether a transaction requires approval.
To set a value approval currency, select a currency from the dropdown menu. Only the currencies you enable in Sage Intacct are available for selection.
What happens when you enable multiple base currencies
After enabling multiple base currencies the base currency defaults to the entity level.
For details about guidelines pertaining to using multiple base currencies in Sage Intacct applications, see Guidelines for a multi-entity shared company.
What you can do after enabling multiple base currencies
After you enable multiple base currencies, you can do the following in your Intacct company:
- Set a different operating or base currency for one or more entities in your company.
- Run financial reports in different currencies as needed for any given entity.
- Use Advanced Ownership Consolidation or Global Consolidation, either of which enable you to run consolidations across entities and currencies.
