Currencies - Dual-Base System
If you are using the Dual-Base System, you only need enter two records to the Currency register: one for each Base Currency.
- Code
- The unique Code by which the Currency will be identified from everywhere in FirstOffice.
- Name
- The name of the Currency.
Round Off Card
- Auto Round Off Limit, Auto Write Off Limit
- When entering a Receipt or Payment, the Invoice being paid can be treated as fully paid if the amount received or issued is slightly different to that outstanding, providing that difference is within an allowable margin. Use these fields to specify that margin for each Currency.
- For example, if the Round Off Limit is 0.50 and a cheque is received underpaying an Invoice by 0.35, the 0.35 is written off (posted to a write-off Account) and the Invoice is treated as fully paid. But, if the cheque underpays the Invoice by 0.65, that amount remains outstanding.
- The Write Off Limit is used when the Receipt or Payment is in the same Currency as the original Invoice.
- The Round Off Limit is used when the Received or Sent Currency is different to that of the original Invoice. A Round Off is posted when the outstanding amount on the Invoice when expressed in the Invoice Currency is less than the Round Off Limit.
- In both cases, you should enter an amount in the Currency of the Currency record.
- Depending on whether the Currency is a Member of the EMU (see below), any Round Off will be posted to the Rate Round Off or EMU Rate Round Off Accounts, while any Write Off will be posted to the Write Offs or EMU Rate Write Offs Accounts, all as defined on the 'Exchange Rate' cards of the Account Usage S/L and Account Usage P/L settings.
- Date
- If the Currency has been incorporated into the Euro scheme, specify here the date the transitional process began, and check the Member of the EMU box below.
- Member of the EMU
- When entering a Receipt or Payment, the Invoice being paid can be treated as fully paid, even if the amount received or issued is slightly different to that outstanding. The difference is posted to a Round Off or Write Off Account. In line with EMU requirements, different Round Off and Write Off Accounts can be used, depending on whether the Currency is a member of the EMU.
- Round Off Accounts are used when the Receipt or Payment is in a different Currency to the original Invoice. If the Received or Sent Currency is a member of the EMU, the EMU Rate Round Off Account is used, otherwise the Rate Round Off Account is used. These are specified on the 'Exchange Rate' cards of the Account Usage S/L and Account Usage P/L settings.
- Write Off Accounts are used when the Received or Sent Currency is the same as that in the original Invoice. If that Currency is a member of the EMU, the EMU Rate Write Off Account is used, otherwise the Write Offs Account is used. These are also specified on the 'Exchange Rate' cards of the Account Usage S/L and Account Usage P/L settings.
- Prevent Base Rate Changes
- When you use Currencies in Sub System transactions of any kind (for example, in Invoices or Purchase Invoices), you can change the exchange rates between the two Base Currencies. Such changes will only apply to the single transaction for which they have been specified. If you do not wish to allow such ad hoc changes, switch this option on.
Text Card
The fields and options on this card operate in the manner described on the
Simple Conversion System page.
