Currency and conversion codes

This powerful capability uses the currency details set up in the system. Up to four different currency values can be held on every transaction. The system calculates any missing currency values automatically, if they are required. Additionally, transactions may hold a fifth currency code and rate, which can be used for calculating a fifth currency value in reporting.

The currency of each value is identified by a 'Currency Code'. You normally create one currency code per currency. For example, you might use USD for US dollars, or EUR for euros. If you are transferring to or from a bank or other clearing system you should use the SWIFT currency codes.

Once you have set up a currency code, you can enter the exchange rates used to convert any values expressed in the currency, into another currency. For example, you might need to define the exchange rate required to convert a EUR value into US dollars.

Two types of exchange rate can be held, period rates that apply for a period, and daily rates that apply to particular calendar dates.