Simple Currency Conversion System
To set up the simple conversion system, follow these steps:
- Enter the Currencies used in your business using the Currency register in the System module.
- Define conversion rates between your home Currency and each foreign Currency using the Exchange Rate register in the System module.
- As a recommended but optional step, specify that your home Currency is the Default Base Currency in the Base Currency setting in the System module. This will ensure this Currency is offered as a default in all transactions. Apart from this, the Base Currency setting is not used in the simple conversion system.
- Using card 2 of the Account Usage S/L setting in the Sales Ledger, define Accounts to be used for gains and losses resulting from Currency conversions of Sales Ledger transactions. The Rate Round Off and Bank Fee Accounts on this screen should also be considered.
- Repeat step 4 for Purchase Ledger transactions using card 2 of the Account Usage P/L setting.
Please click the links for detailed descriptions of each step.
