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Loans: Contract currency changeover to euro

Description

With the introduction of the European Monetary Union (EMU), the national currencies will be replaced by the euro currency. After a transition period - the dual currency phase - the euro will be the only legal means of payment. For long-term contracts such as loans, this means that the contracts must be converted to euro by the end of the dual currency phase at the latest. During the dual currency phase the borrower can choose which currrency the loan is managed in. In this phase, the euro is the main currency and the currencies participating in EMU are subcurrencies of the euro.

This function allows you to convert the loan contract currency from a subcurrency of the euro to the euro itself. It does not allow you to convert the contract currency from the euro into a subcurrency.

When you change over the contract currency to euro, all the relevant currency keys, rates and amounts in the loan master data are converted, as well as the conditions and the flows. If necessary, adjustment flows are also posted to clear rounding differences.

If open items exist for a contract, the system performs a currency swap posting. After the transfer posting, the currency of the open items is the same as the contract currency.

The reset function allows you to reverse the euro contract currency conversion. However, you can only reset the conversion if no changes have been made to the loan and no further postings have made since conversion. If postings have been made, these must be reversed before you can reset the euro conversion.

Damage caused to data by errors

If an error occurs during the euro contract currency changeover, the system terminates processing without making any changes to the data.

Effects on Customizing

• Currencies
  You must the define the exchange rates between the euro and the subcurrencies as fixed. You must also define which currencies are participating in EMU.

• Flow Types
  To adjust certain capital amounts and to perform currency swap postings for open items, you need to create new flow types with new flow categories.

Planning

There are plans to link the euro contract currency changeover to transaction management for mass processing in a later release.

Further notes

Documentation for the contract currency changeover to euro.

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