Setting Up Multi-Currency

Apply Multi-Currency is by default enabled, if you want to disable or configure it contact Support team.

In Multi-Currency Tab of Configuration Module, You can

Defining Currency Code List

1. In Configuration module, activate Multi-Currency Tab.

2. Click on Currency Code List button.

3. The Currency Code List dialog box. will be displayed the list of currency codes currently selected.

4. Click Add icon  to display Currency Details dialog box.

   • In Currency Details dialog box, you can select  Currency Code,  Symbol, GL-Code and Decimal Places for the Currency

5. Click on the Importable button the Currency field to display the Currency Codes dialog box.

6. The Currency Codes dialog box will be displayed with already defined currency codes. (See Add Currency Code)

You can add new Currency code to the list by clicking on the + button

7. Double Click on a currency code to select. The selected Currency Code will be displayed in the Currency Details Dialog box.

8. Click on the importable button available in the Symbol field to open the Windows Character Map, where in you can select a Symbol for the Currency Code. ( Select and Copy a Symbol, Paste in the Symbol field)

9. Click OK, the newly added Currency Code will be displayed in the Currency code List Dialog box.

To Define Base Currency

Base currency is considered as the primary currency or accounting currency for a company.  While generating reports, the user can  generate reports based on the Base Currency selected.

1. Open Configuration Module.

2. In General Tab, Select Apply Multi-Currency to activate Multi Currency Tab.

3. In the Multi-Currency Tab,Click on the importable button available in the Base currency field, to select a currency code. (See Define Currency code for how to define Currency code)

To Set-Up Currency Conversion

1. Open Configuration module, activate Multi-Currency Tab

2. Click on Currency Conversion Setup Button

3. The Currency Conversion Table dialog box. will be displayed with existing definitions.

4. Click Add icon to display Currency Conversion Details dialog box

The fields From Currency , To Currency Conversion Rate , Effective From are mandatory input fields in Currency Conversion Details dialog box.

5. Select the From Currency and the To Currency in the respective fields by clicking on the importable button.

Note : On defining conversion rate, if the rate is only defined as one-way conversion, system will automatically calculate the conversion rate backwards by considering the conversion rate as 1/conversion rate defined. For example : if a conversion  is defined for USD (US Dollar) to SGD (Singapore Dollar) with rate as 3.0 , and if the conversion rate is not defined for SGD to USD the conversion rate for the same will be considered as 1/3.0.

6. Enter the rate of conversion in the Conversion Rate field.

7. Click on the Round To importable button to display the Price Rounding Configuration.

8. Enter a date in the Effective From drop-down to define the date from which the currency conversion factor has to be implemented. (By default current system date will be displayed as the Effective Date, which can be modified).

9. Click OK to save and add the Currency Conversion definition.

Conversion Rates Applicable to All types of Orders

• While calculating  transaction currency amount from site currency amount or vice versa , system will always consider the conversion rate defined for site currency to transaction currency. If conversion rate for site currency to transaction currency is not defined then system will consider the conversion rate defined for transaction currency to site currency.

• While calculating  site currency amount from base currency amount or vice versa , system will always consider the conversion rate defined for site currency to base currency. If conversion rate for site currency to base currency is not defined then system will consider the conversion rate defined for base currency to site currency.

Conversion Rates Applicable for Invoices

 While re-calculating invoice amounts based on the conversion rates edited, system will consider the conversion rates as below :

•  While calculating site currency amount from transaction currency amount ,  system will always consider the conversion rate defined for transaction currency to site currency. If conversion rate for transaction currency to site currency is not defined then system will consider the conversion rate defined for site currency to transaction currency.

• While calculating  base currency amount from site currency amount  , system will always consider the conversion rate defined for site currency to base currency.

To Set-up default currency for Reports

On selecting a default currency for generating reports, the selected currency will be displayed as the default currency for standard reports and while generating all custom reports, the report will be generated based on the currency selected.

1. Open Configuration module, activate Multi-Currency Tab.

2. Select a Currency for reports in Generate Reports Based on Currency field.

3. Save the settings.

To Add New Currency Code

You can add new currency code from the Currency Code dialog box , which will be displayed while selecting the importable button in the  GL Code Details dialog box ( displayed when clicking on  (Adding / Editing) Currency code List definitions.

Illustration

1. Click  Add button to display the Currency Codes dialog box

2. Click on the Importable Button in the Currency dialog box to display the pre-defined list of currency codes.

3. Double-click on any of the desired currency code to select.  The Currency Code for the selected currency will be displayed in the ID field.

4. Enter the Country Name in the Description field.

5. Click OK.

For more details on Multi-Currency feature in R2 click here.