How do you enable multiple currencies within a Financial Consolidation and Close (FCCS) application?

The correct approach to enable multiple currencies within a Financial Consolidation and Close (FCCS) application is to enable a dimension specifically for Currency after the application has been created via a Metadata load. This means that if multicurrency functionality is not initially chosen during application creation, users can still introduce it later by modifying the application’s metadata.

When enabling multiple currencies, the Currency dimension becomes crucial as it holds the various currency types that the application can handle. By loading the metadata that includes this dimension at a later stage, it allows for integration of multiple currencies without having to recreate the entire application. The flexibility of loading metadata is essential for adapting to changing business needs or expansions into international markets.

The other options involve either incorrect processes or limitations in setting up multiple currencies. Initially selecting the "Multicurrency option" during application setup is a proactive way of ensuring that multiple currencies are handled right from the beginning, but modifying an existing application to add this capability requires the approach stated in the correct answer.