Currency Codes (CNC)

Specify this information:
Currency Code

The code that identifies the currency or other conversion rate.

Currency Name

The name of the currency name or conversion unit. This is used for information purposes on various functions and reports.

Lookup Code
Status
Unit Name

The currency unit name to be used when converting amounts into sentence format for printing on account documents and on payment documents. For example, to print the amount in words on a cheque.

Currency Sub-Unit Name

The currency subunit name to be used when converting amounts into sentence format for printing on account documents and payment documents. For example, to print the amount in words on a cheque.

Decimals Allowed

The number of decimal places to be entered for transaction amounts in this currency code. You can enter from 0 to 3 decimal places.

Split Decimal Naming

Set this option if this currency requires more than one decimal subunit name, for example, the Chinese currency RMB has the subunit 'Jiao' for the first decimal place and 'Fen' for the second. If you set this option, you must enter name(s) for the subunit(s) in the First, Second, and Third Decimal Name fields below, depending on the setting of the Decimals Allowed option, below.

Leave this check box unchecked if only one subunit name is required for the currency, for example, as is the case for Pounds, Euros, Dollars, and so on.

Currency Gender

The gender of the currency determines the words used in the sentence construction when an amount is written in words. Select Feminine, Neuter, Masculine, or No Gender.

Banking Currency

This option is used where Values 4 and 5 are in use, typically if they are used as banking currencies. It defines whether the currency can be used for Values 4 and 5. This applies to the default currencies that can be established for a ledger or account, and to the transactions entered into the system. Three options are available:

  • Acceptable for all currencies - this currency can be used for value 4 or value 5.
  • Not Acceptable for Value 4/Value 5 - this currency cannot be used for value 4 or value 5.
  • Not Acceptable for Value 5 - this currency code cannot be entered for value 5.
First, Second, Third Decimal Name

If the Split Decimal Naming option is set (above), enter the different decimal subunit names in these fields. These are the different levels of currency subunit name to be used when converting amounts into sentence format for printing on account documents and payment documents. Only enter the fields as required by the number defined by Decimals Allowed option (above), for example if Decimals Allowed is 2, enter the first decimal name and the second decimal name.

Realized Gains Account

The account code to which realized gains are posted. Leave this blank if the realized gains are to be posted to an account code entered at run time, or if net gains/losses are to be posted to a single account.

Realized Net/Losses Account

The account code to which net realized amounts are posted. If an account is entered above, realized losses are also posted to this account. Leave this blank if the difference amounts are to be posted to an account code entered at run time.

Unrealized Gains Account

The account code to which unrealized gains, generated during Ledger Revaluation (LER), are posted. Leave this blank if any unrealized gains are to be posted to the account code entered at run time, or if net gains/losses are to be posted, or only losses are to be posted.

Unrealized Net/Losses Account

The account code to which net unrealized amounts or unrealized losses, generated by Ledger Revaluation, are posted. Leave this blank if the difference amounts are to be posted to the account code entered in Ledger Revaluation, or only gains are to be posted.

Payment Account

The payment account identifies the account from which funds are taken during Payment Run (PYR) for payments in this currency. This is normally a bank account code. Leave this blank to use the payment account specified in Payment Run.

Collection Account

The Collection Account field identifies the account to which funds are added during Payment Collection Run (PYC) for receipts generated in this currency. This is normally a bank account code. Leave this blank to use the payment account specified in Payment Collection Run.

Use Daily Conversion Rates

The type of currency exchange rates to be used for this currency on Ledger Entry (LEN) and Ledger Import (LIM). Two options are available:

  • Yes - To use daily conversion rates. These rates are defined using Currency Daily Rates (CND). You also need to define period rates for use in Ledger Revaluation and Financial Reports.
  • No - To use period conversion rates. These rates are defined using Currency Period Rates (CNP).