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In G/l account if we select local currency what will happen?
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Answer Posted / 10
Local currency in G/L is taken for balancing point.Setting
local currency indicator in GL master account affects the
way A/c Balances are stored in GL summary. If this
indicator is set, the GL balances are updated only in local
currency.
Foreign Currency valuation of GL accounts where the
indicator "only balance in local crcy" is set is affected
in the following manner depending upon the type of account
* If the account for which only balance in local currency
is set, is an open item managed account, i.e: the
indicator "Open Item Management" is also set in the GL
account master.
* If the account for which only balance in local currency
is set, is a non-open item managed account, i.e: the
indicator "Open Item Management" is also not set in the GL
account master.
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