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Slide notes: In this tutorial we look at how to maintain Currencies on the Currency Register.

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Slide notes: Currencies are only maintained on the Currency Register if we work with Foreign Exchange Transactions in our Accounting system, otherwise not. Our Local Currency is NOT defined on this Register.

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Slide notes: Even as we look at the Lookup list here, we may note that the Keys on the left are all 3 character Keys. These are the international Currency Keys, and it is recommended to use these Keys. If a more common Currency Label is preferred, it may be indicated as the Name for the Currency, as we can see some examples of on the right, like with USD.

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Slide notes: Note that the system will always show when a Currency was last updated and by whom.

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Slide notes: There is also a History function that can show all changes to this record.

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Slide notes: If we select any of these entries, then we can see exactly what the Currency record looked like at the time, and who changed it.

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Slide notes: The Currency Code at the top should preferably be the international 3 character code for the Currency. The Currency Name can be the same as that code, or it can be a more preferred or more recognizable local label.

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Slide notes: The Primary Exchange Rate is a mandatory indicator, and this Rate stays as defined until it is changed by a User. In other words, it does not change by tracking any on-line indicator, nor from any Transaction where a different Rate is used for this Currency. The Rate may be changed as often or as seldom as we like.It may be changed many times in a day, or it may be changed like once a month or even less frequently. What the Rate is, is the primary Rate to be used for translating this Currency into Local Currency and vice versa, when no different Rate is specified for the Transaction at the time.

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Slide notes: On the Help we note that Exchange Rates may be specified with up to 4 decimals.

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Slide notes: The Retail Buy Rate is optional to specify. If it is not present, then the Primary Rate is used when the Retail Buy Rate is called for, as in the case of a Retail Tender sequence where Foreign Exchange is used as Tender. It is customary to use a more preferential-to-the-Company Rate for this indicator.

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Slide notes: The Tax Rate is also optional, and may be specified if different to the Primary Rate, while if it is not specified then the Primary Rate is used. The Tax Rate is used for conversion of that part of a Transaction that relates to the local VAT, PPN, GST, GCT type of Tax.

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Slide notes: The Help explains how to select the correct method for translating this Currency, i.e. by division or by multiplication.

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Slide notes: The Currencies listed on the Currency Register are the only Currencies allowed for use with Transactions, and the Primary Rates as specified are defaults but can be changed on any Transaction if we use Exchange Rate sensing. We note also that the Local Currency of our Accounts is NOT to be defined on the Currency Register.