How does the Currency application affect Human Resources?

Currency code

A currency code is an identifier for a kind of currency (US dollars, euro, and so on). Your company uses currency codes to represent all the currencies you conduct business in.

You must set up at least one currency code for your company. If your company conducts business in more than one currency, you must set up a separate code for each currency you use.

How are currency codes used?

Currency codes track the currency for an account, a transaction, or a company. If your business uses multiple currencies, the Currency application exchanges, revalues, and translates your currency amounts against the base currency you defined in General Ledger.

Currency relationship

A currency relationship identifies rules for a relationship between two currency codes in a currency table. Often, currency relationships dictate how currencies are exchanged and translated.

Currency relationships are defined in the Currency application. For more information, see the Currency User Guide.

Currency table

A currency table is a combination of currency relationships, exchange rates, and translation rates that are used by one or more companies. A currency table reduces the time it takes to independently create and maintain currency rates and relationships.

Currency tables are assigned to General Ledger companies in the Currency application. For more information, see the Currency User Guide.

Planning your Currency setup for Human Resources

The Lawson Currency application maintains the information needed to conduct business operations in multiple currencies. Currency is a required application for all Human Resources users.

This checklist provides an overview for setting up Currency. See the Currency User Guide for more information.