Currencies

Overview

Currencies are units of exchange used in international trade, represented by unique symbols or codes.

BOS Professional supports multiple currencies. The exchange rate of currencies can be updated automatically using the BOS Server application.

Up to three decimal places can be used to convert currencies.

Currencies are linked to:

• Customers

• Suppliers

• Bank Accounts

Transactions linked to a Bank Account may only be in the Bank's Currency.

For foreign exchange transactions, a suspense account must be used.

For example:

1. Credit the customer account, debit the suspense account. (Customer's currency)

2. Credit the suspense account and debit the bank account. (Bank's currency)

3. Debit or credit the suspense account to clear it, and debit or credit foreign exchange gains or losses (Local currency).

Settings

Navigation: Main Menu > Setup > Settings & Defaults > Settings (tab)

• Currencies > Currencies: 

  • Click Edit in the Value column to setup a list of currencies and exchange rates.

  • If a script is not implemented to automatically update the exchange rates, they must be updated manually at regular intervals.

• Currencies > Denominations: Click Edit to enter all the denominations in symbols, words, and images.

• Currencies > Enable Multi-currency

  • Yes: Multiple currencies can be used.

  • No: Only one currency can be used, and most currency fields are suppressed.

• Currencies > Local Currency: A dropdown list of all the currencies created under the first setting (Currencies > Currencies), for users to select the local currency.

• Currencies > Name: Major Currency: The name of the notes or major currency (e.g. rands)

• Currencies > Name: Minor Currency: The name of the coins or minor currency (e.g. cents).

• Currencies > Use 3 decimals in currency: This setting can only be set before transactions are posted to the ledger.

  • Yes: Three decimals are used.

  • No: Two decimals are used.