(GL – General Ledger Setup – Currency Table)
Use this screen to activate foreign currencies and to update exchange rates. Within each currency you can view customers and suppliers assigned to that currency.
Related Videos:
Video - Purchasing in a Foreign Currency
Video - Selling in a Foreign Currency
Only use multi-currency with the Financial Transfer configuration
Only use multi-currency processing with the Financial Transfer accounting configuration and an outside accounting system that processes customer and supplier payments in foreign currency.
Link:
Financial Transfer Guide - Multi-Currency
If you are using the Legacy Financials accounting configuration:
If you are using the Legacy Financials accounting configuration, be aware that the legacy financial modules --Accounts Receivable, Accounts Payable, and Banking – have no multi-currency capabilities. For multi-currency processing you must convert to the Financial Transfer accounting configuration and a mainstream accounting package for financial processes (receivables, payables, banking, payroll, overall general ledger).
Link:
Legacy Financials Conversion Guide
Enables selling and purchasing with financial transfer
Multi-currency processing enables you to sell or purchase in foreign currency and to use the AR Voucher Transfer and AP Voucher Transfer screens to transfer foreign currency amounts and exchange rates to your financial accounting system.
Gain/loss on foreign exchange occurs at time of payment
Any gain or loss on foreign exchange gets realized in your financial accounting system when customer payments are received or supplier bills are paid.
Fixed Exchange Rate Pricing
You will operate with two currency tables – one in your financial accounting system and one in DBA. Exchange rates should be updated on a regular basis in your financial accounting system to reflect current market exchange rates for proper realization of currency gain or loss against customer and supplier payments. By contrast, exchange rates in DBA can remain fixed for long periods of time if your objective is to furnish fixed selling prices to your foreign currency customers. In that case, you would only change a currency’s exchange rate concurrent with a general set of price changes.
Screen Details
Buttons
Activate
Click this button to activate a currency. You are presented with the Activate a Currency screen, which provides a list of world currencies. Select the desired currency and click the Activate button. You are then presented with the Update Currency screen.
Update Currency Screen
Exchange Rate
Enter the exchange rate, which is the number of units of this foreign currency per one unit of your home currency.
Symbol
Copy and paste this currency’s symbol (dollar symbol, euro symbol, pound symbol, etc.) into this field.
Description
This field displays the currency description that gets listed in the grid and in lookups.
Forms Display
This setting determines how currency amounts will be displayed on forms. Select Symbol if you prefer to identify currency amounts with the currency symbol. Select Currency Code if you prefer to identify currency amounts with the 3-character currency code.
Remove
Click this button to remove the selected currency from the active list in the currency table grid and lookups. You are not allowed to remove a currency that is assigned to any customers or suppliers and will receive a listing of any such assignments.
Edit
Click this button to launch the Update Currency screen for the selected currency, which enables you to update the Exchange Rate, currency Symbol, currency Description, or Forms Display setting.
History
Click this button to get a listing of exchange rate changes for the selected currency, including the Exchange Rate, the Change Date, and the User Name associated with the active user at the time the change was made.
Used By
Click this button to get a listing of customers or suppliers assigned to the selected currency.
Grid Fields
Currency Code
This is three letter code identifies the currency on screens and forms.
Description
This description accompanies the currency code on lookups.
Fx
Click this icon to launch the Update Currency screen, which enables you to update the Exchange Rate as well as the currency Symbol or Description.
Units per (Home Currency)
This field displays the exchange rate in units of the foreign currency per one unit of your home currency.
(Home Currency) per Unit
This field displays the exchange rate in units of your home currency per one unit of the foreign currency.
