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Using USD as functional currency outside of USA
Hello All, I was wondering if anyone has used the USD as the domestic currency outside of the USA? Any feedback would be appreciated!
yes, I have seen companies doing this with very bad results in the long term (and they had to change it after some time, duplicating the effort). The best practice is to use the local currency of the country as base currency of the company, even more when there are localizations/local legal requirements involved in that country.
I strongly reccomend to setup the local currency as the base currency of the foreign company, and USD as the AC ledger currency for reporting in USD to the US. This way, you will be able to fully use JDE functionalities for local fiscal requirements, that need to be always in local currency and mean detailed transactions and accounting.
Hope it helps,