Setting up currency tables

If you use foreign currency to conduct business, use SA Currency Setup to define the differences in foreign exchange. The system uses currency rates when invoice amounts are calculated or certain balances are updated.

Note:  Because of many inter-dependencies, set up these functions before you set up currency:
  1. SA All Company Info Setup
  2. SA Company Setup
  3. SA Operator Setup

After setting up currency, set up related accounts in GL Accounts Setup.

  1. Select System Administrator > Setup > Currency.
  2. Specify the currency code for which you are setting up this record.
  3. Specify a short description for this currency code. The short description displays on most reports.
  4. Specify a full description of the currency code.
  5. Select the bank associated with the foreign currency transactions.
  6. In Gain/Loss GL #, specify the General Ledger account to use to account for differences in the exchange rate at the time of ordering and the time of invoicing.
  7. In Reval Gain/Loss, specify the GL account to be updated when revaluations are performed against the selected currency exchange rate in GL Administration Asset and Liability Revaluation.
  8. In Currency Symbol, specify the one-character currency symbol that is associated with this currency.
  9. In Standard Currency Code, specify the two-character foreign currency code you are setting up or maintaining. This code cannot be the same as your company’s domestic currency code set up in SA Company Setup .
  10. Select either Currency Account or Purchase Draft. You must purchase bank drafts for payment to the foreign vendor.
  11. Specify any appropriate exchange rates for this currency.
  12. Optionally, specify the EDI Currency Code.
  13. Click Save.