Simple Currency Conversion System
This page outlines the steps needed to set up a simple currency conversion system in Standard ERP.
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For most companies, a simple conversion from a foreign Currency to the home Currency will be suitable for the majority of worldwide Currency transactions. 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.
- Enter conversion rates between your home Currency and each foreign Currency using the Exchange Rate register in the System module.
- Specify that your home Currency is the Default Base Currency in the Base Currency setting in the System module. This will ensure that your home 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 the 'Exchange Rate' card of the Account Usage S/L setting in the Sales Ledger, specify the Accounts that are to be used for gains and losses resulting from Currency conversions in Sales Ledger transactions. You should also specify Rate Round Off and Bank Fee Accounts on this card.
- Repeat step 4 for Purchase Ledger transactions using the 'Rate' card of the Account Usage P/L setting.
Please follow the links in each step for detailed descriptions.
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Currency conversion in Standard ERP:
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