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Base Currency

This setting in the System module is usually only used by the Dual-Base system, although it can also be used to define a default Currency if a simple conversion system is being used.

After entering the Currencies used in your business using the Currency register, you should specify those that are to be used as your two Base Currencies here. Usually, these will be your home Currency and the Euro or US Dollar. You will then enter an exchange rate between the two using the Base Currency Rates setting. Euro rules require that all transactions should be expressable in either Base Currency.

Double-click 'Base Currency' in the 'Settings' list in the System module to open the 'Base Currency: Inspect' window:

The example illustration would be appropriate for a voluntary user of the Dual-Base system. The local Currency (Pounds Sterling) has been specified as Base Currency 1 and the Euro as Base Currency 2. If the Base Currency 1 and 2 fields in this setting contain values, Hansa will use the Dual-Base system, otherwise a simple conversion system will be used.

Users in transitional countries should also complete this setting as shown in the illustration, with their home Currency as Base Currency 1 and the Euro as Base Currency 2.

Users in the Euro zone retaining their old Currency for comparison purposes should have the Euro as Base Currency 1 and their old home Currency as Base Currency 2.

The Default Base Currency is the Currency which will be used where no Currency has been specified for a Customer or Supplier. This field can be used to set a default Currency even if a simple conversion system is being used (i.e. if Base Currency 1 and 2 are blank).

'Paste Special' can be used from all three fields to ensure that the Currency Codes used are correct.

The Security Controls can be used to prevent Exchange Rates being entered relating a foreign Currency to either Base Currency. It is recommended that users in transitional countries should disallow rates in whichever Base Currency represents their home Currency, to prevent the accidental entry of Exchange Rates between their home Currency and other Currencies (all conversions should be via the Euro). Voluntary users of the Dual-Base system can set these options depending on their individual requirements (i.e. depending on whether they wish to allow the entering of Exchange Rates between one or both Base Currencies). For example, voluntary users of the Dual-Base system in Britain with the Euro as Base Currency 2 will probably wish to prevent the accidental entry of Exchange Rates between the Euro and other Currencies. Remember that a particular foreign Currency should be related to Base Currency 1 or 2 but not both.

Click [Save] in the Button Bar to save changes and close the window. To close the window without saving changes, use the close box.