Currencies

This page may contain multiple incoming links - Please use your browser back button to return to the previous page.

1. Navigate to the menu and select Configuration > Financial > Currencies

Set up the Balancing Tolerance and the Rate Tolerance for each currency.

a) Enter the currency code and select F9 or the search icon to execute the query for the currency code entered.

b) Enter the Balancing Tolerance: Any exchange difference that is less than the Balancing Tolerance to main reporting currency, will be booked to the Realized Gain/Loss Account set up in the Organization process accounts.

The Realized Gain/Loss account is also used if there are exchange differences between the voucher currency & operating currency.

Any exchange difference less than the tolerance for operating to multiple reporting currency, will be booked to the Multi Currency Balance Account set up in the Organization process accounts.

c) Select the Rate Tolerances tab.

d) Enter the Low Value and High Value for each From/To Currency relationship.

Select CTRL + S or the Save icon.

2. Navigate to Financial > Daily Exchange Rates

Set up the Exchange rate that will be used to translate currencies. This rate can be entered daily, monthly, etc. Once a rate is entered, it is used by the system for that accounting period until a new one is entered.

Enter your Accounting Period and Original Currency than page down.

Fill in the daily exchange rates in the following fields:

In this field...	Enter this information...

In this field...	Enter this information...
Period	The accounting period the exchange rate applies to in YY/MM format
Date	The starting calendar date the rate is effective for in YY/MM/DD or use the calendar icon.
Original	The original currency the rate is multiplied by to get the translated currency.
Translated	The currency the original is being translated to.
Rate	The exchange rate used to translate the original currency.
Reciprocal Rate	This is automatically calculated based on the rate entered.

Select CTRL + S or the Save icon.

The system will create the Reciprocal Rate and will give you the following message:

3. Navigate to Configuration > Voucher > Voucher Type Controls (ACTS080)

a) For each voucher type set the Translation Mode:

Line (default) - translates currencies (or override exchange rates) line by line.
Voucher – translates currencies on vouchers using an exchange rate for the entire voucher.
Posting – translates currencies at the time of posting.

b) Selecting the Currency Adjustment checkbox allows the user to change the Voucher amount, the Operating amount and Reporting amount for any line of coding in a voucher.

The Translation Mode must be set to Line to check the currency adjustment box.
A voucher with currency adjustment checked allows the user to change one currency (i.e. CAD operating) without changing another (i.e. USD reporting). It should be used with caution.
Intercompany entries are not allowed when currency adjustment checked.
The user has to ensure the voucher balances by each currency.

Select CTRL + S or the Save icon.

4. Navigate to Master Data > Chart of Accounts (ACTS011)

Define the Currency Code on your Cash accounts and Payable/Receivable accounts and set up any Conversion Rules and Conversion Rates to be used for month end re-statement.

a). Use the Search panel to Query up a major account.

b). Select the Accounts tab and scroll through (or query up) the minor accounts to find the account(s) you wish to update.

c). Fill in the Following:

Currency Code: Enter the currency code for the account (most common are CAD for Canadian dollars, USD for US dollars).
Conversion Rule: Optional. Enter the Conversion Rule for the account if it is being re-stated.
Conversion Rate: Auto populates when the conversion rule is entered.

Select CTRL + S or the Save icon.

Note: Do not set up Conversion Rules on any Foreign Exchange Gain/Loss accounts.