Using Currencies in Nominal Ledger Transactions - The 'Calculate Field' Function
This page describes the 'Calculate Field' function on the
Operations menu in the Transaction record window. If you are using iOS or Android, the 'Calculate Field' function is on the Tools menu (with 'wrench' icon).
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Each row in a Transaction can contain the value of a posting in up to three Currencies: Base Currency 1, Base Currency 2 and a third Currency. There can be times when the three fields do not contain exact conversions of the same value. Examples include:
- If you change the Base Currency 1 figure in a Transaction row, the other two figures will be updated. However, if you change the foreign Currency figure, the figures in Base Currencies 1 and 2 will not be updated. This allows you to overrule the standard conversion rate, but in some cases you may need the figures in Base Currencies 1 and 2 to be updated.
- If you enter a figure in Base Currency 1 and then specify a Currency, no Currency figure will be provided. Similarly, if you enter a figure in Base Currency 1 and then change the Currency, the Currency figure will not be updated.
- If you change the conversion rate, values will not be recalculated.
If you need any value to be recalculated, click or tap in the relevant field and then select 'Calculate Field' from the Operations menu (Windows/Mac OS X) or Tools menu (iOS/Android).
For example, you are entering a Transaction which includes a Debit posting in Norwegian Kroner. You could use one of the following methods, depending on the nature of the Transaction:
- On flip A, choose the Account and then enter the Debit amount in the your Currency. Switching to flip C, enter "NOK" in the Currency field. An Exchange Rate will be brought in to flip D, but no figure will appear in the Currency Debit field. Move the insertion point to that field and select 'Calculate Field'. A figure in Norwegian Kroner will appear.
- On flip C, choose the Account and then enter "NOK" in the Currency field. Then, enter an amount in Norwegian Kroner in the Currency Debit field. An amount in your home Currency will appear in the Base 1 Debit field on flip A. There is no need to use the 'Calculate Field' function, unless you now realise that the Exchange Rate or the Currency is incorrect.
An alternative to the 'Calculate Field' function is
'Update Currency Rates' on the same menu. 'Calculate Field' will only update the field containing the insertion point, while 'Update Currency Rates' will update every row in the Transaction. It will first bring in the conversion rates that apply on the Transaction Date (from the
Base Currency Rates setting and the
Exchange Rate register), and it will then recalculate the Base Currency 2 and Currency values from the Base Currency 1 values. It will therefore be most useful if you duplicate a Transaction and then change the date in the new one, if you change the date in a Transaction after adding postings, and if you change values and/or conversion rates and need to return to the default values. You can only use both 'Calculate Field' and 'Update Currency Rates' before you have saved a Transaction (i.e. when the window title is 'New').
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Using Currencies in transactions of various kinds:
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