Ledgers Nominal or General Ledger: Currency Control

Currency list

The list of all currencies in the system. Click to select and modify.

Currency code

Currency Rates. Currency symbol code. {CURFILE.CURCODE char 3}

Cent

Currency Rates. Cent character (e.g. c). {CURFILE.CURCENT char 1}

Name

Currency Rates. Currency name. {CURFILE.CURNAME char 20}

Last changed

Currency Rates. Currency updated date+time. {CURFILE.CURUPDT date datetime}

Exchange rate

Currency Rates. Exchange rate (default currency = this currency * rate). {CURFILE.CUREXCH number float}

The value of the currency in relation to 1 unit of your normal currency. For example, if your normal currency is US Dollars and you wish to deal in UK Pounds, the exchange rate will be approximately 0.670000 (USD being worth approximately GBP0.67). You can use up to 14 decimal places, however normal currency trading is to 4 decimals (6 in Euro zone).

Reciprocal rate

The value of the reciprocal of the foreign currency exchange rate.

EMU

European Monetary Union

With this extended area you can:
1. Calculate an exchange rate from its reciprocal.
2. Enter a triangulation currency (see Note) which must be already defined as a normal currency. Then enter the exchange rate (or reciprocal) of the currency you are creating.
3. Enter a value in the currency or your local currency for which ECU triangulation rounding will apply.
All three will compute a new exchange rate for your new currency, which can be accepted with an Ok.

EMU Triangulation currency

Currency Rates. Triangulation currency symbol. {CURFILE.CURTRIC char 3}

EMU Triangulation rate

Currency Rates. Triangulation currency rate (CURCODEs per CURTRIR). {CURFILE.CURTRIR number float}

Reciprocal rate

Value of the reciprocal of the rate entered for the currency against the triangulation currency.

Rounding in currency

Round value in the foreign currency, if used effects the triangulation conversion when editing a rate.

Rounding in local

Round value in your local currency, if used effects the triangulation conversion when editing a rate.

Print Analysis of Outstanding A/P and A/R Currency Transactions

This provides a report for all A/P and A/R transactions that have some due amount and are in a foreign currency. It shows the local value of the transaction and the value calculated from the current currency exchange rate. The difference is potentially the exchange loss or profit that will occur, were the rates to remain as they currently are. You can change the Destination of the report by selecting the ‘Report Destination’ menu command. This function is only available if you have the Ledgers license option.

TIP: This can be used for assessing a Provision for Foreign Exchange Movement, which would typically be a balance sheet account adjusted by way of a month-end journal.

CUSTOM CAPABILITY: This is subject to the custom report system and your design, modelled on the standard rAcCurAnalysis, can be added to your settings using type LeCurA with no subtype.

Print List

Will cause a report to be printed of the subject matter. You can change the Destination of the report by selecting the ‘Report Destination’ menu command.

Revert to Saved

To abandon any changes and revert to the last saved set.

Apply New Rates

To apply the new listed rates you have changed. You will be asked for a log comment.

Re-value System

To re-value Orders and Accounts to the latest currency rates, where applicable. This function opens the Currency Re-valuation window.

Currency symbol

Currency Rates. Currency symbol code. {CURFILE.CURCODE char 3}

The symbol, of up to three characters, you enter here identifies the currency uniquely. You must NOT enter your local currency which is defined in the Company Details Maintenance window. Once you have created a currency record, you will not be able to change the symbol.

Decimal character

Currency Rates. Cent character (e.g. c). {CURFILE.CURCENT char 1}

TIP: If you use the # (hash or pound) character as your currency decimal character the cent portion of an amount printed in words on documents such as sales orders, invoices and cheques is suppressed. This feature is provided for large scale currencies such as Rupees and Yen.

Name

Currency Rates. Currency name. {CURFILE.CURNAME char 20}

EMU triangulation currency

Currency Rates. Triangulation currency symbol. {CURFILE.CURTRIC char 3}

Cancel

Aborts the process currently in session. The keyboard equivalent is the Esc key for Windows computers and Command-.(full stop or period) for the Mac.

Save

Click to confirm and save the new currency.

New

This will create a new (normally blank) record in the file. You will then be able to enter details for the record. Then confirm with an OK, or abandon the New record with a Cancel.

Delete

Execute this button to permanently remove the currently selected record from the file. If you are permitted to delete the item, you will be asked for confirmation, otherwise an explanation will be given.

When you attempt to delete a currency using this button, the system will first check that the currency is not used elsewhere. This can be a slow process. Checks are carried out that the currency is not used in:
1. Company Details part currency prices
2. Invoices that have not yet been paid
3. Jobs
4. General Ledger accounts
5. Purchase Orders
6. Sales Orders
7. Customers
8. Suppliers

Having completed the checks without locating any references to the currency, you will be asked to confirm the deletion, otherwise you will be prevented from deleting it.

Changes Log List

The changes log for the selected currency above. You can edit the comments within the list.

TIP: To edit cells in the list, select the line and click in the cell and hover the mouse over the cell. I.E. click once and pause with no mouse movement. The cell will then expand into an editable box in which you can enter different data. On leaving the box with any action like a tab or click elsewhere, the data is verified and the list returns to normal with the new data shown in the cell.

Print Log

Will cause a report to be printed of the subject matter. You can change the Destination of the report by selecting the ‘Report Destination’ menu command.

• Currency Re-valuation
• Local Currency Migration