What You'll Find on this Page

• Settings
• Customers
• Suppliers
• Material Items
• Transactions
• Age Analysis
• Ledger - Payments/Receipts in Local and Foreign Currency

Settings

• Navigate to Main Menu > Setup > Settings & Defaults > Settings > Currencies. Settings include:
  • Currencies - Click Edit to enter all the Currencies that your company trades in. The Rate of Exchange (RoE) is the RoE to your 'Local Currency'. The RoE can be loaded as a Factor or as a Divider. The Divider 'RoE (Local / ?) is the one that is used in Transactions.
  • Home Currency - Select your local Currency from the list of Currencies you have captured.

Customers

The Customer's default Currency can be set in the Accounting tab of Edit Customer. Typically, when a Customer is invoiced in a foreign currency, they will also be VAT Exempt. When the Customer is changed on a Transaction, the Currency of the Transaction is also changed to the Customer's default Currency.

Suppliers

The Supplier's default Currency can be set in the Accounting tab. Typically, when a Supplier invoices in a foreign currency, they will also be VAT Exempt. When the Supplier is changed on a Transaction, the Currency of the Transaction is also changed to the Supplier's default Currency.

Material Items

Supplier Prices can be recorded in any one of the Currencies that have been set up. Supplier prices are recorded in the Costing tab in Items. They can also be updated in the 'Item Pricing' module.

When the Supplier is added, the Currency is updated to that of the Supplier. When the Currency is updated, the Tax Type is updated to overall Defaults.

If multi-currency has not been enabled, Supplier Prices can only be recorded in the Local Currency.

Transactions

A new Transaction will default to the Local Currency. When a Customer or Supplier is selected or changed, the currency will be updated to the Customer/Suppliers default Currency.

When the Currency or the RoE is changed on a Transaction, the prices are automatically changed to the same value in the selected currency and rounded to 2 decimals. The VAT Type is also updated to the default VAT Types for the Transaction Type.

Estimates are always calculated in local currency, but they can also be output (Printed or e-mailed) in the Transaction Currency.

Age Analysis

The Customer and Supplier Age Analysis can be displayed in Local Currency by checking the 'Local Currency' checkbox or it can be calculated in the Customer/Supplier Currency by unchecking the 'Local Currency' checkbox.

The 'Local Currency' checkbox as well as the Currency column is not visible unless multi-currency has been enabled.

Ledger

Payments/Receipts in Local and Foreign Currency

When multi-currency is enabled and a Payment is made or received, options to 'Record a Foreign Exchange Gain/Loss' are available in the Ledger.

To enable this functionality, the following Transaction Types need to be created and set to the same-name Defaults:

• Customer ForEx Gain - For Receipts that are overpaid
• Customer ForEx Loss - For Invoices that are underpaid
• Supplier ForEx Gain - For Invoices that are underpaid
• Supplier ForEx Loss - For Payments that are overpaid