How to Set Up Currency and Currency Type

You'll start by setting up currency and currency types on the Currency Setup page. Access the Currency Setup page by navigating to Maintenance > Currency > Currency Setup.

How To Add a Currency

1. Navigate to Maintenance > Currency > Currency Setup.

2. Click the Add button.

3. Enter a code to identify the currency, such as USD.

4. Enter a name to identify the currency, such as U.S. Dollars.

5. Click Save.

The Currency Lookup option provides search functionality to lookup currencies.

Now, add currency types, which you'll use when you define data mappings. Currency types are used during the currency conversion process. During this process, accounts are converted with defined rate types. Currency types are associated with Natural Accounts. Different types of Natural Accounts are typically converted with different rate types. For example, an Income/Expense account might be calculated with a Monthly Average Rate while a Balance Sheet might be calculated with an End of Month rate.

How To Add a Currency Type

1. Navigate to Maintenance > Currency > Currency Setup.

2. From the Currency page, click the Currency Type tab.

3. Click the Add button.

4. Enter a currency type code, such as Avg.

5. Enter a currency type name, such as Average Monthly Rate.

6. Click Save.