Entering an Opportunity - Currency Card
This page describes the fields on the 'Currency' card of the Opportunity record. Please follow the links below for descriptions of the other cards:
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- Currency
- Paste Special
Currency register, System module
- Default taken from Contact record for the Lead or Customer (Sales Currency) or Default Base Currency
- The Currency of the Opportunity (also shown in the footer of the 'Items' card) is shown together with the exchange rate which can be modified only for this particular Opportunity if necessary. Leave the field blank to use the home Currency (unless you have set a Default Base Currency, in which case this will be offered as a default and should be treated as your home Currency).
- If you change the Currency after adding Items to the Opportunity, the prices of those Items will be converted automatically and immediately using the appropriate exchange rate for the date of the Opportunity. However, if you change the exchange rate, prices already in the Opportunity will not be recalculated automatically. To have prices recalculated in this situation, use the 'Update Currency Price List Items' function on the Operations menu (Windows/Mac OS X) or Tools menu (iOS/Android). If you change the Opportunity Date and the Exchange Rate changes as a consequence, prices will be recalculated automatically if you are using the Update Prices on records with Currency when changing Dates option in the Item Settings setting in the Sales Ledger.
- Exchange Rates
- Default taken from
Base Currency Rates setting and/or Exchange Rate register, System module
- By default, these fields will display the exchange rates for the specified Currency on the Opportunity Date. Ensure that these rates are correct before adding Items to the Opportunity to ensure the correct currency conversion takes place.
- If you change the Opportunity Date, the exchange rates will change automatically. The prices of any Items already in the Opportunity will be updated automatically and immediately, providing you are using the Update Prices on records with Currency when changing Dates option in the Item Settings setting in the Sales Ledger.
- You can also change the exchange rates in an individual Opportunity yourself. In this case, the prices of any Items already in the Opportunity will not be updated, so you will need to use the 'Update Currency Price List Items' function on the Operations menu (Windows/Mac OS X) or Tools menu (iOS/Android) to update all prices in the Opportunity.
- If you wish to prevent the changing of exchange rates, select the Prevent Base Rate Changes and/or Prevent Foreign Rate Changes options in each Currency record. If you are using these options, the exchange rates in an Opportunity will still be changed if you change the Opportunity Date.
- One of two conversion methods will be used to calculate prices in Currency. The Dual-Base system will be useful for companies that have offices in two countries that need to report in both Currencies, for companies operating in countries where there is a second Currency (usually the US Dollar or Euro) in common use in addition to the national one, and for companies in the Euro zone who retain their old national Currency for comparison purposes. The second method is a simple conversion from the foreign Currency to the home Currency, applicable to the majority of worldwide Currency transactions. These are described below.
- Exchange Rates (Dual-Base System)
- In the example illustrated above, the Currency of the Opportunity is the Euro. Base Currency 1 is the home Currency (GBP, Pounds Sterling) and Base Currency 2 is the Euro. The fields on the left show in the form of a ratio the exchange rate between the two base Currencies (taken from the record in the Base Currency Rates setting that applies on the Opportunity Date). The illustration shows that GBP0.63 buys one Euro.
- Note that European Monetary Union (EMU) regulations specify that the ratios must always show how many units of the home or foreign Currency can be bought with one Euro.
- Exchange Rates (Simple Currency Conversion System)
- In the case of a simple currency conversion system, the Rate and right-hand Base Currency 1 fields are used to show a simple exchange rate between the foreign and home Currencies. In the example illustrated below, the home Currency is US Dollars (USD) and the foreign Currency Japanese Yen (JPY). JPY122.15 buys USD1.00.
Please refer here for further examples.
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The Opportunity register in Standard ERP:
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