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 will not be updated.

1. Navigate to Currencies.
2. Click 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 = 35.437 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 = 0.0282 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 will overwrite 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 Edit (button).
3. Make any changes (see Creating).
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 1.
• 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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