Multi-Currency

General Settings > Currencies 

Navigation: Main Menu > Setup > Settings > General (tab)

• Currencies > Currencies: Provides an Edit... button in the Value column. Clicking the button opens an interface that allows currencies to be added. The currency symbol must match the internationally recognised symbol for the currency.  See Currency Setup below.

• Currencies > Denominations for Home Currency: Provides an Edit... button in the Value column. Clicking the button opens an interface where the denominations can be added or edited (i.e. which notes and coins are available).

• Enable Multi-Currency: Checkbox. If checked multiple currencies can be used. This setting defaults to unchecked which disables all the multi-currency functions.

• Local Currency: Allows users to select the Local Currency from the list of currencies that have been entered.

• Major Currency: Allows users to type the name of the major currency (e.g. notes). This name is used to print or display amounts in text.

• Minor Currency: Allows users to type the name of the minor currency (e.g. coins). This name is used to print or display amounts in text.

• Use the Multiplication Exchange Rate: Checkbox. If checked the local currency is multiplied by the exchange rate to determine the foreign currency (e.g. ZAR x 19.050335 = 1 Euro).  (If unchecked (default) the foreign currency is divided by the exchange rate to determine the local currency amount (e.g. USD / 0.0568 = ZAR).

Currency Setup 

• ID: The system-generated number for the currency.

• Symbol:  The internationally recognised symbol for the currency. This symbol is displayed throughout the application where currencies are used.

• Description: For internal use only.  Allows users to type the name of the currency.

• Multiply:  The amount by which the local currency must be multiplied to determine the foreign currency (e.g. ZAR x 19.050335 = 1 Euro). The amount can include up to six decimal numbers. Any change to the Multiply field updates the Divide field.

• Divide: The amount by which the foreign currency must be divided to return the local currency amount (e.g. USD / 0.0568 = ZAR). The amount can include up to six decimal numbers. Any change to the Divide field updates the Multiply field.

• Update: The name of the User who last updated the currency or Auto when the system updates the currency.

Understanding Currencies in BOS Enterprise

• Currencies are set for each Customer and Supplier (defaults to the local currency).

• If a foreign currency is selected for a customer or supplier all the transactions must be in the foreign currency.  If they use more than one currency, separate accounts must be created for each currency. 

• Users can override the multiple or divide setting when creating a transaction.

• Bank accounts must be linked to a currency. A context menu option: Change Currency (Enables Currency column for editing) allows users to select or edit the currency. (Main Menu > Setup > Accounting > Accounts (tab)).  A Warning is displayed if there are transactions linked to the account using the existing currency.

• Separate Transaction Types are required to record bank payments and receipts in the various currencies because a bank account can only be linked to a single currency.

• Separate Transaction Types are not required for customer or supplier invoices. Invoices default to the customer or supplier's currency as set up on their accounts. However, the transaction type's setup must allow multiple currencies.

Updating Exchange Rates

• Exchange rates can be scheduled to automatically update at regular interval using BOS Tools.

• In BOS Enterprise currencies can only be updated by overtyping the specific exchange rates.

Foreign Currencies and Item Prices

• If items are used for foreign-currency transactions, they must have a price in that currency.

• On item's Costing & Pricing tabs, prices can be created for each currency.

  • There can be multiple supplier prices.

  • There can only be one cost and sell price per currency and per unit.

  • Cost and Sell Prices in a foreign currency can be linked to supplier prices in any currency.

  • When creating prices, if the RoE Override checkbox is checked, users may override the exchange rate when using the item. (This column may be hidden and can be exposed using the Field Chooser (*) in the first column.)

  • An amount can be typed in the Cost Adj % column to provide for costs such as currency fluctuations, shipping, and customs clearance fees.

Viewing Reports 

• Ledger accounts: 

  • Ledger accounts automatically select the currency from the currency dropdown list that they are in.

  • A different currency can be selected from accounts that are in a foreign currency dropdown list (e.g. a bank account in US dollars, can be viewed in US dollars or South African Rand (the local currency), but not in any other currency.

• Transaction lists: 

  • There are columns that can be displayed or hidden that show the currency of the transaction and the VAT exclusive amount in the foreign currency (e.g. Currency, Total CUR).

• Age Analyses: 

  • There is a checkbox Local Currency. 

    • If checked, all the balances are shown in the local currency. With this option, a balance may show as outstanding in the local currency, when the accounts are zero in the foreign currency. This is due to exchange rate fluctuations (i.e. different exchange rates apply to the invoice and payment).

    • If unchecked, all the balances are shown in their own currencies.

  • A Currency column displays the currency allocated to the customer or supplier.

Related Topics

• Tutorial: Multi-Currency

• Setup: Multi-Currency