Perform these tasks in sequential order to set up multi-currency processing.
Activate foreign currencies and enter exchange rates
Go to the GL - General Ledger Setup - Currency Table and use the Activate button to activate the foreign currencies that are needed for assignment to customers and suppliers. As you activate each currency, enter the current exchange rate and specify whether you want forms layouts to display the 3-character currency code or the currency symbol.
Create foreign currency price lists (optional)
If you wish to furnish your foreign currency customers with a foreign currency price list, use the Sales - Data Views - Selling Prices data view to export foreign prices to a price list. Foreign prices are calculated by multiplying home currency prices by the currency table exchange rate.
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.
Assign customers to foreign currencies
Go to the Sales – Customers screen and for each customer you wish to sell in foreign currency use the lookup in the Currency field to select and assign the appropriate foreign currency.
Assign suppliers to foreign currencies
Assign suppliers to foreign currencies. If the supplier is new and has no invoice history, you can assign the currency directly in the Purch – Suppliers screen using the lookup in the Currency field. Once purchase orders and invoices exist against a supplier, however, the currency assignment cannot be changed in the Suppliers screen and must be changed through data import.
Data Import Currency Assignment
Go to the Suppliers screen and use the Output tool to generate a CSV file consisting of the Supplier Name and Currency.
In the CSV file, modify the Currency column with the appropriate 3-character currency code against each supplier you wish to purchase from in foreign currency.
Go to the File – Data Import – Suppliers – Suppliers screen, select the CSV file, and map two fields – the Supplier Name and Currency code. Perform the import and the currency assignments will be changed.
Update supplier prices
After supplier currency assignments are made, update supplier prices, which are now expressed in the foreign currency. You can get a listing of suppler prices by currency using the Inventory – Data Views – Item Sources data view. Supplier prices are updated on the Sources tab of the Inventory – Stock Items screen. Map voucher imports to foreign currency fields.
Revise your custom sales form layouts
The standard formats -- ppQuote.rtm, ppAcknowledgment.rtm, ppInvoice.rtm – automatically print in foreign currency when the customer is assigned to a foreign currency. The foreign currency will print using the currency code or currency symbol, depending on your preference specified in the Currency Table screen.
If you have custom layouts and want your forms to print in foreign currency when the customer is assigned to a foreign currency, go to the data pipeline and exchange the UNITPRICE field with the FXUNITPRICE field and the EXTPRICE field with the FXEXTPRICE field. When the customer is assigned to Home currency, forms will continue to print in the normal fashion.
