Currency Codes
Currency records identify the different currencies used among your
facilities/customers. For each currency, you can configure the exchange rates
between other appropriate currencies.
- Required?
- The system comes pre-loaded with the ISO standard currency codes. However, if you work with multiple currencies, you'll want to be sure to update these records regularly with current exchange rate information.
Header Fields
- Currency/Description
- The ISO currency code.
- Description
- The full name of this currency.
- Display Decimal
- The number of decimal position to calculate/display.
- Display Format
- Not Used
- Rounding Method
- Identifies whether decimal values should be rounded up or down
- Rounding Multiplier
- Allows you to round to a different precision. Default value is 1.
Detail Fields
In the Detail area, you can enter the exchange rates from one currency into another. This is used at invoicing time to convert the customer’s currency into the facility currency prior to sending the invoices to the accounting package. The exchange rates are specified using an indirect quotation method where 1 unit of the From currency will be equivalent to the Exchange Rate number of units of the To currency. In other words, the From currency amount will be multiplied by the Exchange Rate to arrive at the To currency amount.