Currency Settings

Overview

Module	Description
Customers	Allocated a single currency. Can only be linked to price lists in the same currency. Can only be added to transactions that support their currency.
Estimating	Estimates can only be done in the local currency. However, once you determine a local price you can copy the transaction to convert that price to the customer’s currency.
Items	Prices can be set in all the currencies. Can only be added to transactions if they have prices that match the transaction’s currency and that of the selected customer or supplier.
Organisation	Limited to one local (main) currency but can add multiple currencies for prices and transactions.
Suppliers	Allocated a single currency. Can only be added to transactions that support their currency.
Rate of Exchange	Certain reports can be viewed in the transaction or local currency. Others convert foreign currencies to the local currency. A general setting determines how the currency is converted: Local Currency (LOC) to Foreign Currency (CUR) Foreign Currency (CUR) to Local Currency (LOC) The Rate of Exchange is updated daily (directly after midnight) on the server and applied to the database as soon as someone logs in.
Transactions	A setting lets you choose which currencies may be used.

These settings determine if multiple currencies are used and how they are converted.

Navigation: Main Menu > Setup > Accounting > Currencies (tab)

Setting	Value	Default
Accounting > General Settings > Currency Conversion Model	Choose the currency conversion model: Local Currency to Foreign Currency: 1 of the Local Currency will buy x of the Foreign Currency. Foreign Currency to Local Currency: 1 of the Foreign Currency will buy x of the Local Currency.	Local Currency to Foreign Currency
Accounting > General Settings > Decimals in Currency	Select 2 or 3 from the dropdown list as the number of decimals to use when converting currencies.	2
Accounting > Enable Multi-currency	Checkbox. If checked multiple currencies can be used and bank accounts are assigned specific currencies.	Unchecked

Chart of Accounts Interface: Explains the interface for creating a chart of accounts.
Chart of Accounts Tutorials: These tutorials explain how to create and edit a chart of accounts.
Currencies List View: Explains the list of currencies’ interface and related features.
Currency Tutorials: These tutorials explain how to setup currencies.
Ledger List Views: Explains the various interfaces for displaying ledger transactions.
Ledger Tutorials and Troubleshooting: These tutorials explain how to display a ledger and transactions.
Understanding the Chart of Accounts: Explains what the chart of accounts is and how it impacts the financial statements.