We have set up our original entity (Entity A1) with home currency as USD.
Multi-currency function is on as we have transactions in multiple regions.
We now need to report and transact mostly in HKD and I understand it's not possible to switch over home currency for an entity.
Accordingly, we have set up new entity (Entity A2) with home currency as HKD.
Question: How or what is the best way to both export and then import historical data from entity A1 to A2 such that transactions are shown in the correct currency/translation.
I would assume when we export transaction data from A1 and import it into A2 it won't automatically realise the underlying transactions are denominated in USD?
Many thanks in advance for your guidance here.
You may have 2 options:
1. Utilize a migration tool. Export all of your data out of A1 to XLS, modify it, then import it into A2.
2. Purchase a 3rd party conversion service.