Purpose
This procedure is used to enter or modify the details of Currencies you want available in the system. You can maintain exchange rates for each currency you transact in as and when required via this function.
Data Input
Step 1 – Currency Code
Currency Code
Enter a new, unique currency code, that does not already exist on the system. You may select an existing currency code for editing. For example, United States Dollars could be represented by the code USD. The alphabetic code defined by ISO 4217 is a good code to use but it can be any code you like.
For details on the use of “codes”, see The Role of “Codes” in Online Advantage
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Step 2 – Description
Currency Name
Enter the name of the currency. For example, US Dollars. This description is shown wherever you choose a currency within a transaction and wherever a foreign currency amount appears e.g. in Sales Order Entry next to the total foreign value, or printed on invoices or statements.
Current FX Rate
Enter the current exchange rate for this currency. This exchange rate will be the default rate used in transactions. Note that you can normally override the exchange rate at the time of performing transaction entry as required.
You can also enter forward exchange rates and a what if exchange rate. The forward rates are used in the Purchasing system for foreign currency orders/shipments and the system attempts to use the most appropriate currency rate held on the Currency based on the expected dates you record on the order/shipment.
30 Day FX Rate
Enter the 30 days exchange rate for this currency.
60 Day FX Rate
Enter the 60 days exchange rate for this currency.
90 Day FX Rate
Enter the 90 days exchange rate for this currency.
90+ Day FX Rate
Enter the 90+ days exchange rate for this currency.
What-If FX Rate
Enter the what-if exchange rate for this currency. This is used in Purchasing reporting e.g. you can show the effect of changing an exchange rate in Supplier Pricing with the use of this “What-If” rate. This allows you to plan for a possible rate rise/drop as required.
Currency Symbol
The currency symbol appears next to value figures in various entry forms and on stationery documents such as Invoices, Statements and Purchase Orders. It may also be used in place of the currency description wherever space is limited.
Choose the currency you are setting up from a list of standard currencies as defined by ISO 4217. The symbol for the selected currency is shown. E.g. “€” is the Euro symbol. If you cannot find the currency you need on the list, or would prefer to define your own symbol e.g. you may want to show $AUD instead of $ for Australian currency to distinguish it from $US, then choose ‘User Defined’ from the top of the list and you will be able to edit the currency symbol. It is not recommended that graphic symbols be pasted when setting up a User Defined currency symbol. Instead, select the standard currency from the list where the symbol is encoded in hexadecimal format.
Major Denomination
Enter the description of the major denomination of this currency. E.g. “Dollars” or “Pounds”. This description is used on Deposit Slips and Cheque/Remittance advice printing.
Minor Denomination
Enter the description of the minor denomination of this currency. E.g. “Cents” or “Pennies”. This description is used on Deposit Slips and Cheque/Remittance advice printing.
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