Currency

  1. Click the Currency tab in the Chart of Accounts (COA) dialog.
  2. Specify this information:
    Conversion Code Control

    Select a currency posting control to be used as a default for this account in Ledger Entry (LEN) and Ledger Import (LIM). This overrides the corresponding business unit option except that you cannot force entry if the value itself is undefined. Three choices are available:

    • Mandatory

      This forces a transaction currency value to be entered on transactions for this account, regardless of the business unit rules.

    • Prohibited

      This prevents a transaction currency value being entered on transactions for this account, regardless of the business unit rules.

    • Ledger Default

      This uses the business unit rule established for the transaction currency (Value 2).

    Default Currency Code

    If a transaction currency value is required, you can select the default currency code for the postings to the account. This is used as the default transaction currency code on Ledger Entry (LEN) and is useful if the majority of foreign currency postings are made in a particular currency. The currency code must have been defined using Currency Codes (CNC) before you can enter it.

    Report Conversion Control

    Determines whether reporting currency or second base (Value 3) amounts are calculated when transactions are entered through Ledger Entry (LEN).

    The value set here overrides the corresponding business unit option.

    Default values are 'No' when the reporting post rule is undefined on the Business Unit Setup, or 'Yes' when it is defined.

    Suppress Revaluation

    This determines whether this account should be excluded from Ledger Revaluation, even if it falls within a range of accounts for which ledger revaluation is being run. This is typically used on fixed asset accounts or on monetary assets in a high inflation country.

    Default 4th Currency Code

    Where the fourth currency is defined as variable on Business Unit Setup, this option allows you to set the default currency code for the fourth currency in the same way as for the transaction currency (in the Default Currency Code field above). This currency must be acceptable as a Banking Currency as defined on Currency Codes (CNC).

    Default 5th Currency Code

    Where the fifth currency is defined as variable on Business Unit Setup, this option allows you to set the default currency code for the fifth currency.

    This currency can be used as an alternative banking currency, replacing a disallowed 4th currency code on a transaction. The currency must therefore be acceptable as a Banking Currency as defined on Currency Codes (CNC). By default all currencies are acceptable as banking currencies unless they are defined as otherwise in Currency Codes (CNC).

    Currency Disallowed for Values 4 and 5

    Use this command to identify any currencies that are not acceptable for values 4 and 5 on a given account. If a transaction is received for the account that references one of these invalid currencies as a fourth or fifth currency code, it is rejected.

  3. Save your changes.