Note: Unless otherwise specified in this chapter, the term Reporting Currency refers to subledger or journal-level reporting currency, rather than balance-level reporting currency.
Using reporting currencies, you can maintain and report accounting records in more than one currency. You do this by defining one or more reporting currencies for a ledger.
Each ledger is defined with a ledger currency that is the primary record keeping currency to record your business transactions and accounting data within General Ledger. If you also need to maintain and report accounting records in one or more other currencies, you do this by defining one or more reporting currencies for the ledger. Financial reporting can be performed using the ledger currency or any of the reporting currencies.
When you enter journals in General Ledger, they are converted into the ledger currency and each of the reporting functional currencies.
You can inquire and report on transactions and account balances in your reporting currency by logging onto a responsibility that has access to the reporting currency.