E1: 76V: Venezuela 2018 Monetary Revaluation
(Doc ID 2392358.1)
Last updated on MAY 16, 2018
Applies to:JD Edwards EnterpriseOne Sales Order Entry - Version 9.0 and later
JD Edwards EnterpriseOne Procurement and Subcontract Management - Version 9.0 and later
JD Edwards EnterpriseOne General Ledger - Version 9.0 and later
JD Edwards EnterpriseOne Accounts Payable - Version 9.0 and later
JD Edwards EnterpriseOne Accounts Receivable - Version 9.0 and later
Information in this document applies to any platform.
CARACAS, March 22 - President Nicolas Maduro announced on March 22, 2018 that three zeroes would be lopped off Venezuela's ailing currency in a revamp of the bolivar to try to combat the world's highest inflation. The new currency ‘VES - Bolivar Soberano’ is to take effect from June 4, 2018 essentially divides existing bolivars by 1,000, so a note of that value would be replaced by a new coin worth one bolivar.
Due to past inflation of the Venezuela currency, an adjustment of the currency rate will have a major impact to the currency transaction values. There are two options available to customers to accommodate the change in the currency re-evaluation. The first option, which is Oracle’s recommendation, is to utilize the base currency conversion functionality available in JD Edwards EnterpriseOne.
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