To add currencies, use the integrated classifier as the most convenient way. To access it, press the Pick from List button on the toolbar of the respective catalog. In the displayed window double-click the currency that you want to add or select the line with the currency and then press the ‘Select’ button. All the currencies already have their international description, their currency code and symbol code.
Use the Main Parameters tab to specify the parameters of a new currency.
If you are adding a new currency from the list of predefined currencies, the currency already has a description, currency code, and symbol. You only need to specify the number of decimal places for prices.
If you are adding a currency manually, enter the required data.
The Currency (create) form. The ‘Main parameters’ tab with the preset values downloaded from the classifier
To set how the currency will be displayed in the print forms, use the ‘Currency Writing Parameters’ tab (see the figure below) but it is optional.
Currency (create) form. The ‘Currency Writing Parameters’ tab
For correct multicurrency transactions, set the correct exchange rate for the new currency in relation to your national currency (to learn which currency is selected as national in the system and how to change it, please refer to par. Settings for the 'Money' section).
To do so, first save the currency by pressing the ‘Save’ button, then click the Currency Rates button located on the toolbar above. In the displayed list press the ‘Create’ button on the toolbar and complete the Currency Rates (create) form. The exchange rate dated 1/1/1980 is created by default if you would like to have a backdated transaction with this currency. If you delete the exchange rate or edit the date, the system will return an error in case of a transaction with the date earlier than the first exchange rate in the list.
The Currency Rates (create) form
After completing the Currency Rates (create) form and before you close it, press the ‘Save and close’ or ‘Save’ button to save the applied changes. Then do the same to the Currency (create) Main Parameters tab
In the Currency Name field, enter a full name of the currency.
In the Symbol Code field, enter a 3-letter code commonly used for the currency according to ISO 4217.
In the Numeric Code field, enter a 3-digit code commonly used for the currency according to ISO 4217.
Also, specify the currency symbol in the Symbol field.
In the Decimal Places for Amounts field, you can specify the number of decimal places for the currency; all the amounts will be calculated with this number of decimal places.
Use the Decimal Places for Prices field to specify the number of decimal places that your organization will use when setting up prices.
Select the Dependent Currency Rate option if this currency depends on some other currency (already defined in the system) which you can specify in the Main Currency field; the percent of change you can enter in the Markup field.
Click the Save button to save the new currency or the Save and close button to save the currency and close the form.
Available links
Also, the toolbar includes the following hyperlinks:
- Exchange Rates
Click the Exchange Rates link to view the historic and current exchange rates for the currency. Exchange rates are specified with respect to the currency selected as the national currency in your system. For details on the role of the national currency, refer to Settings: Money form. For details on setting up a new exchange rate, refer to Adding an Exchange Rate.
The Currency Exchange Rates list
For a newly added currency, the list of exchange rates contains a single line with the default rate that is equal to 1.0 and is in effect from 1/1/1980.
Note. It is recommended that you edit the default rate but do not change the start date for the rate-- it will be used in case a transaction has the date earlier than the date of the first actual exchange rate entered in the list.
To add a new exchange rate, click Create on the toolbar of the Currency Rates form. This opens the Exchange Rate (create) form.
The Currency Rates (create) form
In the Date field, specify the date starting which the new exchange rate is in effect.
In the Exchange rate field, enter the actual exchange rate of one unit of the foreign currency with respect to the national currency, that is how much one currency unit is worth in units of the national currency. The exchange rate is used as a multiplier.
The Factor field is populated with the default value of rate factor, 1, which is suitable for most currencies. For most currencies, the exchange rate for conversion to other currencies is defined on per one currency unit basis. For some currencies, such as Iranian rial, Colombia peso, Indonesian rupees, the rate is specified for 100, or 1000 units, or so forth because the unit value is too low. The Rate Factor parameter is used to address these issues. Use rate factor equal to 100, 1000, or 10000 for specific currencies with exchange rates defined for 100, 1000, or 10000 currency units, respectively.
If the exchange rate is expressed in the national currency, the amount in the currency to be converted is divided by the rate factor before the exchange rate is applied.
Example 1. If AED is selected as national currency in your system and the exchange rate defined for one US Dollar (USD) is 3.67 with factor=1, the amount of 1000 USD ($1000) will be worth 3,670 AED.
Example 2. With AED as national currency, the exchange rate defined for 100 Indonesian Rupees (IDR) is 0.026. Then factor=100, and the amount of 1000 IDR will be worth 1000/100 *0.026 = 0,260 AED.
Click Save and close to save the data and close the form.