Setting Up Currency And Currency Type

Currency denotes the monetary unit utilized for financial transactions and reporting within an entity, whereas Currency Type classifies currencies according to factors such as stability or legal tender status. The Currency Setup page allows you to set up currency and currency types that can be used by a company as its Common Currency, Local Currency, or Interim Currency.

The Currency Setup page has two tabs - Currency and Currency Type.

Currency

You can add a currency in the Currency tab. All the currencies currently available in the application are shown under the Currency tab. 

How to Add Currency?

The Currency Lookup option offers search functionality for looking up currencies and adding them in Currency Setup.

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
   
2. Click Currency Lookup.
   
3. Select currencies from the list. Alternatively, you can search for currencies by entering the Currency Code or the Currency Name.
4. Click Save.
   
5.  The selected currencies are now displayed.
   

How to Edit Currency?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
   
2. Select a Currency from the list that you want to modify and click the Edit button.
   
3.  Edit the fields and click the Save icon.
   

How to Delete Currency?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
   
2. Select a Currency from the list that you want to delete and click the Delete button.
   
   Note:

   Before deleting a currency, the user must verify that it is not in use anywhere. For instance, within budget entities.
   
   
   
3.  Click Delete to confirm deletion.
   
   A confirmation message appears on the successful deletion of Currency.
   

How to Apply Filter in Currency?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
2. On the Currency tab, click Apply Filter to find out currencies based on Currency Code, Currency Name, Created Date, Created By, Modified Date, or Modified By.
   

How to Print Currency Report?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
2. On the Currency tab, click Print to print the currency report.
   

How to Export Currency Details?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
2. On the Currency tab, click Export as Excel to export the currency report in Excel.
   

Currency Type

Currency types play a vital role in the currency conversion process, where data is converted using defined rate types. These currency types are associated with Natural Accounts (for example - cash, inventory, accounts payable, sales revenue, or salary expense), and it's common for various types of Natural Accounts to be converted with different rate types. Later, exchange rates will be defined for each currency/currency type combination to address the currency conversion. 

How to Add Currency Type?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
   
2. Click Currency Type tab.
3. Click the Add icon.
   
4. Enter the Currency Type Code, for example, balance.
5. Enter the Currency Type Name, for example, the end of month rate.
   
6. Click Save. The currency type is added to the list.
   

How to Edit Currency Type?

1. Navigate to Maintenance > Currency > Currency Setup.
   
2. Click Currency Type tab.
3. Select a currency type from the list and click the Edit icon.
   
4.  Edit the fields and click the Save icon.
   
   The Currency Type will be updated, and you will receive a confirmation message.
   

How to Delete Currency Type?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
   
2. Click Currency Type tab.
3. Select a currency type from the list that you want to delete and click the Delete icon.
   
4. Click Delete.
   

How to Apply Filter in Currency Type?

1. Navigate to Maintenance > Multi-Currency > Currency Setup. 
2. Select the Currency Type tab and click the Apply Filter icon to search for currency types based on Currency Type Code, Currency Type Name, List in Exchange Rate, Created Date, Created By, Modified Date, or Modified By.
   

How to Print Currency Type Report?

1. Navigate to Maintenance > Multi-Currency > Currency Setup. 
2. Select the Currency Type tab and click the Print icon to print the currency type report.
   

How to Export the Currency Type Details?

1. Navigate to Maintenance > Multi-Currency > Currency Setup. 
2. Select the Currency Type tab and click the Export as Excel icon to export the currency type list report in Excel.
   

How to Add Currency Type to Exchange Rate Table Customized View?

1. Navigate to Maintenance > Multi-Currency > Currency Setup.
2. Click Currency Type tab.
3. Select the currency type from the list that you want to modify. Then, click List in Exchange Rate.
   
   4. Select the desired options (Yes/No) from the drop-down menu.

What are Currency and Currency Type Exceptions and When Do I Need Them?

When currency conversion is performed, different types of accounts need to be converted at different rates. For example, Income Statement accounts are usually converted using an AVG (average monthly) rate whereas Balance Sheet accounts are typically converted using an EOM (End of Month) rate. Each account will be assigned a currency type based on how that data should be converted.

To address the conversion, you need to create an exchange rate for each currency/currency type combination. This will then indicate the appropriate exchange rate to be used for each account. The table below has different accounts and account types with varying exchange rate types.