Multi-Currency

Overview

BOS Enterprise provides is fully multi-currency. Rates of Exchange can be added with an accuracy of 6 decimal points and a setting is provided to work in multiplication or division, eg. USD x 14.5 or USD / 0.0689.

Settings

General Settings > Currencies 

• Currencies - Edit the Currencies that will be used in the application. The Symbol is important and needs to match the internationally recognized symbol for the currency. See Currency Setup below.

• Enable Multi-currency - Default = No - This is the master switch that enables or disables multi-currency functionality in the application.

• Local Currency - Select the Local Currency from the list of Currencies that have been entered.

• Use the Multiplication Exchange Rate - (Default = N) When Yes, you would multiply a foreign currency amount to get the local currency amount. When No, you would use the Divide setting instead.

• Major Currency - Used to output amounts in text

• Minor Currency - Used to output amounts in text

Currency Setup 

• Symbol -The Symbol has to match the internationally accepted currency symbol and is displayed throughout the application where currencies are used.

• Description - For reference only

• Multiply - The quantity by which an amount needs to be multiplied to return the local currency amount. eg USD x 14.5 = ZAR

  • If this option is selected, enable General Setting = Use the Multiplication Exchange Rate.

• Divide - The quantity by which an amount needs to be divided to return the local currency amount. eg. USD / 0.0689 = ZAR

Important

• You can enter up to 6 decimals to set the exchange rate in the Multiply or Divide fields. When the Multiply is set, the Divide is automatically updated and vice versa. 

• Every transaction contains both the Multiply and the Divide setting which allows you to toggle the way you work without any disruption.

• When a Customer or Supplier is linked to a Foreign Currency, ALL their transactions need to be created in that Currency, except for Forex Gain/Loss transactions which must be in the Local currency.

• Changing the Currency linked to a Bank account, requires you to first enable the field by right-clicking the Account (Setup > Accounting > Accounts) and selecting Change Currency (Enables Currency column for editing). A Warning is displayed if there are records linked to the account using the existing currency.