Currency Tutorials

• Organisations are limited to one local currency per database but have access to multiple currencies for transactions.
• For accounting and costing purposes, the foreign currencies are converted to the local currency.
• Currencies can be allocated to Customers and Suppliers.
• Transactions can be limited to only use specific currencies.
• The Rate of Exchange is updated daily (directly after midnight) on the server for both settings:
  • Local Currency (LOC) to Foreign Currency (CUR)
  • Foreign Currency (CUR) to Local Currency (LOC)
• The updates are applied to databases as soon as someone logs in.

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

These tutorials explain how to create currencies and edit their conversion rates.

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How to Create a Currency

Before you add a currency, please contact QuickEasy to verify that the currency is activated on our side, else the exchange rates are not updated.

1. Navigate to Currencies.
2. Click Add/Edit (button).
3. Click the top row and fill in the information as follows:
   1. Code = Type the recognised international currency code (e.g. ZAR, USD, THB).
   2. Description = Type the name of the currency (e.g. South African Rand, Thai Baht).
   3. Major = Type the official name of the notes (e.g. Rand, Baht).
   4. Minor = Type the official name of the coins (e.g. Cents, Satang).
   5. Local = A checkbox. If checked the currency is the Local Currency. Only one currency can be the Local Currency.
   6. Optionally, fill in the Exchange Rates, or update the currencies as described in Step 5:
      1. Local Currency > CUR = Type the Exchange Rate from the Local Currency to the new currency (e.g. 1 Euro = 37.003 THB).
         • How many units of the Foreign Currency the Local Currency can buy.
      2. CUR > Local Currency = Type the Exchange Rate from the new currency to the Local Currency (e.g. 1 THB = 0.0270 Euro).
         • How many units of the Local Currency one unit of the Foreign Currency can buy.
4. Click Save (button).
5. Click Actions (button) > Update Currencies to automatically fill in the Exchange Rates.
   • Note: Updating the Currencies overwrites all the entered Exchange Rates.
   • Note: Currencies are only updated if they have been Activated by QuickEasy.

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How to Edit a Currency

1. Navigate to Currencies.
2. Click Add/Edit (button).
3. Make any changes (see How to Create a Currency).
4. Click Save (button).

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How to Change the Local Currency

1. Navigate to Currencies. 
2. Click Actions (button) > Change Local Currency.
3. Read and accept the disclaimer.
4. Click the checkbox in the Local column to select a different Currency (Checkmark = Local currency).
5. Click Save (button).
6. Click Actions (button) > Update Currencies.

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How to Update the Currencies

• This feature updates the Exchange Rates to the current exchange rates. The exchange rate for the Local Currency is always one.
• Currencies are automatically updated daily. You only need to follow these steps when you create a new currency.

1. Navigate to Main Menu > Setup > Items (as an example).
2. Click Menu (button) > Edit Currencies.
3. Click Actions (button) > Update Currencies.

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