Currency

Currency view allows user to set currencies and update the exchange rates for the application usage; for budgeting, sales, purchase, payment, etc purposes while dealing with the company’s partners and entities from other countries. Below actions are available under “Currency”:

  Create new currency, update, delete, update exchange rates, update closing rates, export exchange rates

 

Field Name	Description	Mandatory Information
Name	Name of the currency setting	Y
ISO Code	A three-letter alphabetic code and three-digit numeric code that identify a unit of currency and its minor units, according to its denomination and country of issue. ISO currency codes are assigned by the International Organization for Standards (ISO).	Y
Currency Name	Name of the currency	Y
Symbol	Currency’s symbol	Y
Rounding Factor		Y
Pricing Precision		Y
Decimal Symbol	Symbol to use for currency’s decimal value, for example: use “.” in US dollar for cents (US$10.50)	Y
Grouping Symbol	Symbol to use for grouping currency’s value, for example: use “,” every 3 digits in US dollar (US$1,108,500.90)	Y
Negative Factor	Which format to display negative value, negative sign or in-bracket; e.g. -$100.50 or ($100.50)	Y
Place Symbol	Location of the money symbol, before or after amount	Y
Realized Gain A/C	Account to use for Realized Gain	Y
Realized Loss A/C	Account to use for Realized Loss	Y
Realized Gain A/C – Inter Company	Account to use for Realized Gain – Inter Company	Y
Realized Loss A/C – Inter Company	Account to use for Realized Loss – Inter Company	Y

 

Create New Currency

*Note: The system base currency was set during the initial system configuration

1. Click “Create New” button at the right side of screen.

2. Fill up currency’s information on top right form

3. Use “Budget Exchange Rates” tab to set fixed buying rate for a currency for a certain fiscal year

4. Click “Save” button at the middle right side of screen when done

 

Update Currency Details

1. Click on currency to be updated, it will bring up the selected currency details on the top right side of the screen

2. Click “Save” button at the middle right side of the screen when done with the updates

 

Delete Currency

1. Click on currency to be deleted, it will bring up the selected currency on the top right side of the screen

2. Click on “Delete” button at the right side of screen

3. Click on “Yes” button on the pop-up window to confirm currency deletion

 

Update Exchange Rates Details

*Note:

• Exchange rates of currency will be against the system base currency, which was set during the initial system configuration in “Organization (Settings) – Default Settings” for “Accounts Setting”. Any currency rates set under “Budget Exchange Rates” tab will supersede rates set under “Exchange Rates” tab for the selected fiscal year.
• Frequency of updating Exchange Rate of Currencies is set in “Organization (Settings) – Default Settings” for “Accounts Setting”. This setting usually done by system admin during system initial configuration

1. On “Exchange Rates” tab, select a fiscal calendar from drop-down list and a month from the table on the left side of screen

2. Click “Update Exchange Rates” button on the right side of “Exchange Rates” tab, it will bring up exchange rate window

3. Enter a date within the selected month on the “As On Date” field

4. Click “Fetch Rates From Yahoo!” button to automatically fill up the currencies’ exchange rates, or select a currency from the table and enter the exchange rate manually.

5. Click “OK” button at the bottom right side of the window when done with the updates, it will fill up table in the “Exchange Rates” tab with the newly entered exchange rates for that date

 

Update Closing Rates Details

1. On “Exchange Rates” tab, click “Update Closing Rates” button at the middle right side of the screen, it will bring up a window to select currency closing rates to update

2. Select currency to update from the “Currency” drop-down list

3. Enter the exchange rate value

4. Click “OK” button to update the closing rate

 

Export & Import Currency Exchange Rates Details

1. On “Exchange Rates” tab, select a fiscal calendar from drop-down list and a month from the table on the left side of screen

2. Click on “ Export Exchange Rates” button at the bottom right side of screen to export the currency exchange rates for the selected month as CSV file.

3. User can use the exported csv file as template to import data while entering / updating currency exchange rates. Click on the   button to import exchange rates using csv file.