My controller is asking about changing the functional currency for a subsidiary. As far as I know there is no way to accomplish this without setting up another subsidiary and transferring the balances. Could mulitbook be stood up and accomplish this without much effort, or are we better off setting up a new subsidiary with USD as the functional currency and transferring the balances?

I wouldn't adopt multibook to solve this.

@KevinJ of Kansas thanks, that was my thought but someone brought it up and I wanted a second opinion to my own.

@Muzzyelk - i would use MB exactly for that. perfect use case, that’s what customers do. They do not create a second subsidiary to accomplish different currency matter.

@Karina we have multibook already, how hard is it to stand up, or do we have to engage someone to assist? We were going to use it for 606, but the historical transaction thing from NS was horrible and required us to close each period and make JE for several years. We've been on NS since 2012 so we had a lot of data.

yes, HTP does require revaluation for each period, and each sub has to be done individually 😞. this is a lot, a lot of work. But you can open another book just for this sub, start now and move forward with that. Just like your controller wants 🙂. Unless of course he wants historic data, and then he needs to be explained what is required.

@Karina That is a really good thought! So you are saying we could keep the existing subsidiary and keep it going in the foreign currency, retaining the historical data, load the beginning balances into a USD secondary book, and go forward from there. It would be better since all our integrations and processes are already tied to the Primary book which would just be copied to the secondary.

I still stand by not adopting multibook to switch functional currency for a subsidiary - as it has a pretty significant impact on the account and reporting out of it. However - given the additional information that has come to light here - especially that they already have multibook. I'd probably go with that as the solution.