Currency

Specify this information:

Currency for Payments

In a multi-currency environment, this determines whether you can settle by currencies other than the base currency in Payment Run (PYR) and Payment Collection Run (PYC). In addition to base currency, you can select to settle in transaction currency, or fourth currency.

Note: In Payment Profiles (PYP), you can set the associated Currency for Payments option differently for specific payment or collection types, taking precedence over the setting of this option here on the Ledger Setup (LES).

Currency Rate for Consolidation

This rate is used when you want to consolidate data from other business units using the Financial report writers, in a single currency environment. It is used as the consolidation rate. The amounts in the subsidiary business unit are divided by this rate as part of the consolidation process. See Consolidating Data in a Report.

If the subsidiary business units to be consolidated all have the same base currency, leave this blank or enter a rate of 1.

Rate Tolerance Override

If this option is set, a warning message is displayed when rate tolerances are exceeded, but it is possible to override them.

Cheque Payment Limit

This is the largest amount that should be paid by cheque. For example, for security reasons you may wish to pay large amounts by bank transfer. This value is always entered in the base currency and is converted into the payment currency, if it is different. If a cheque payment is requested for a larger amount a warning is displayed.

Pay at Current Rates

In a multi-currency environment, this option determines the basis for which exchange rates are derived during Payment Run (PYR) and Payment Collection Run (PYC). Set this option to Yes in order to calculate the different currency values during payments and collections using the current exchange rates, as defined in Currency Period Rates (CNP) or Currency Daily Rates (CND). For more information see Pay at Current Rates - Calculation Rules.

Set this option to No in order to use the original exchange rates (sometimes referred to as 'historic rates') that were posted on the source transactions being paid or collected.

Note: If you set this option to Yes, to use current rates for payments and collections, in Payment Profiles (PYP) you can set the associated Pay at Current Rates option to No for specific payment or collection types, taking precedence over the setting of this option here on the Ledger Setup (LES).

Rates Override

If you have set the Pay at Current Rates option above to Yes, the Rates Override option determines whether the derived currency exchange rates can be overridden during Payment Run (PYR) and Payment Collection Run (PYC). Set this option to Yes in order to display the Currency Rates Override form during payments and collections, allowing amendment of the currency exchange rates.

Note: If you set this option to Yes, to allow rates to be overridden in payments and collections, in Payment Profiles (PYP) you can set the associated Rates Override option to No for specific payment or collection types, taking precedence over the setting of this option here on the Ledger Setup (LES).

Value 1/2/3/4/5 Rate Tolerance Check

This option defines the default currency rate tolerance check, for each of the five currency rates available on a transaction. This only applies to rates entered manually or calculated for a journal type with an Override Value Rate Tolerances option set. The individual rate tolerances are set on Currency Daily Rates (CND) or Currency Period Rates (CNP).

If this is left blank and override tolerance checking is required for the journal type, any rate entered or calculated for this value is accepted without any tolerance checking.

If this option is set for a currency value and override tolerance checking is required for the journal type, a tolerance check is performed on any manually entered or calculated rates using the global override tolerance percentage identified below.

Value 1/2/3/4/5 Rate Tolerance Level %

If override tolerance checking is required for a currency value, this is maximum global tolerance percentage used to check the rate. This percentage is used to check all currencies, and overrides the percentage entered for an individual currency on a period or daily rate.

The percentage variance between the rate entered or calculated, and the period or daily rate held in the system for the time period must be within this percentage.

See What is Rate Tolerance Checking? in the Business Unit Administrator Guide / Help.

Value 2 - Retain default currency code

If this option is set, the default currency code cannot be changed on Chart of Accounts (COA), Customers (CUS), or Supplier (SUS), once that currency is present on a transaction posted to the account.
Save your changes.