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Currency Tutorials

Overview

Module

Description

  • 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.

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.

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

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.

Currency Settings
  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:
      • 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.
      • 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.

How to Edit a Currency

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

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.

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.

Learn More

  1. Chart of Accounts Interface: Explains the interface for creating a chart of accounts.
  2. Chart of Accounts Tutorials: These tutorials explain how to create and edit a chart of accounts.
  3. Currencies List View: Explains the list of currencies’ interface and related features.
  4. Currency Settings: Explains how to set the conversion method and how many decimal places to use for currencies.
  5. Ledger List Views: Explains the various interfaces for displaying ledger transactions.
  6. Ledger Tutorials and Troubleshooting: These tutorials explain how to display a ledger and transactions.
  7. Understanding the Chart of Accounts: Explains what the chart of accounts is and how it impacts the financial statements.

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