Product Update 399: Conversion of Default Currency from Netherlands Antillean Guilders to US Dollars (Dutch and International Legislations)

The Netherlands Antilles is scheduled to be dissolved as a unified political entity on October 10, 2010. As such, the islands of Curacao and St. Maarten will become autonomous parts of the Kingdom of Netherlands, similar to Aruba. The other three islands of Bonaire, St. Eustatius and Saba (also known as BES islands) will become overseas public bodies of the Netherlands, where the three municipalities will resemble Dutch municipalities in most ways and may introduce most Dutch laws.

Due to the dissolution, US dollars (USD) will be introduced as the local currency in the BES islands instead of retaining the Netherlands Antillean Guilders (ANG) with effect from 1 January 2011.

To assist you with the conversion exercise, a tool for converting the default currency from ANG to USD is implemented. The conversion tool will ease the conversion process as it will automatically convert the settings, master data, and transaction details in the database. This conversion tool can be used to convert Exact Globe version 395 database and above. The conversion will be executed manually in two parts:

• conversion of limited master data, and
• conversion of master and transactions data.

The conversion process includes the following steps:

• Download the conversion tool, esuppCurCnvAN.exe, into the bin subdirectory of your Exact Globe installation directory.
• Check and ensure that prerequisites are met.
• Launch the conversion tool.
• Perform the conversion of limited master data, followed by master and transactions data.
• Perform post conversion functions by recalculating MRP and run Logistics diagnose 7 and 8.

The following conversions will take place only when the tool finds that all the conditions are met:

• Change the default currency from ANG to USD.
• Convert the exchange rate based on USD.
• Convert the values in ANG to USD.
• Convert the default currency, exchange rate, and amount for sales orders, purchase orders, and open invoices.
• The information of all financial entries before January 1, 2011 will be removed from the database.
• Conversion of financial and cash flow entries and financial and cash flow transactions.
• Conversion of recurring financial entries and transactions.
• Conversion of fixed asset budgets and transactions.
• Recalculation of balances to USD.
• Conversion of budget transactions and terms.

Note:

• User-defined price lists and price agreements other than standard sales price will not be converted.
• The Variable currency check box is selected for all journals where the currency was ANG before the conversion. If it is not, the conversion tool will automatically select the check box.  
• Once the conversions are completed, ANG will remain active.
• You can execute the transactional conversion only once.

For more information on the conversion tool, see How-to: Converting Netherlands Antillean Guilders to US Dollars (Dutch and International Legislations).