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Using Currencies in Nominal Ledger Transactions

The value of every debit or credit posting in a Nominal Ledger Transaction can be recorded in up to three Currencies: Base Currency 1, Base Currency 2 (if you are using the Dual-Base system) and, if appropriate, a third Currency. The posting will also contain a record of the exchange rate that was used to calculate the value in Base Currency 2 and the value in the foreign Currency.

When a Nominal Ledger Transaction is created automatically from a Sub System transaction (for example, from an Invoice or a Receipt), the conversion rates used will be taken from the Sub System transaction and the values in the various Currencies will be calculated automatically.

If you are entering a Transaction directly to the Transaction register and a posting is in your home Currency, you only need enter values in the Base 1 Debit and Base 1 Credit fields on flip A. You can ignore flips B, C and D. For details about entering postings in Currency, please refer to the following pages for full details:

If you are entering a Transactions solely in the home Currency, you can ignore flips B, C and D. You only need enter values in the Base 1 Debit and Base 1 Credit fields on flip A.

In general, when you enter a figure in a Transaction row for the first time, figures converted to Currency will be placed in the appropriate fields automatically. For example, if you enter a figure in your home Currency, figures in the foreign Currency and/or Base Currency 2 will be brought in automatically. If you enter a figure in the foreign Currency, figures in Base Currencies 1 and 2 will be brought in automatically. If you then change the Base Currency 1 figure, the other figures will be updated. However, if you change the foreign Currency figure, the other figures will not be updated. This allows you to overrule the standard conversion rate.

Because of this, be careful when duplicating a Transaction. When you duplicate a Transaction, the date in the new Transaction will not be updated to the current date. If you change the date in the new Transaction, the Exchange and Base Currency Rates in each row will be updated, but the values in Base Currency 2 and/or any foreign Currency will not be updated. This is correct if the purpose of duplicating the Transaction is to reverse it. If you need the values in Base Currency 2 and/or any foreign Currency to be updated using the new Exchange or Base Currency Rates, select 'Update Currency Rates' from the Operations menu (Windows/Mac OS X) or Tools menu (iOS/Android).

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Using Currencies in transactions of various kinds:

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