Entering a Personnel Payment - Currency Card
This page describes the fields on the 'Currency' card of the Personnel Payment 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 Account specified in the Payment Mode, or Default Base Currency
- You can record a Personnel Payment in any Currency, although you can only use one Currency in an individual Personnel Payment record.
- All Amounts that you enter in Personnel Payment rows should be in the Currency specified in this field. The resulting Nominal Ledger Transaction will include figures in both foreign and home Currencies (and in the second Base Currency if appropriate).
- 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 Transaction Date of the Personnel Payment.
- If you change the Transaction Date (either directly or by changing the Pay Date), the exchange rates will change automatically. You can also change the exchange rates in an individual Personnel Payment yourself. 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 a Personnel Payment will still be changed if you change the Transaction Date.
- One of two conversion methods will be used. 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)
- If you are using the Dual-Base system, the Base Currency 1 and 2 fields on the left will 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 Transaction Date).
- If the Currency is not Base Currency 1 or 2, the Rate and right-hand Base Currency 1 or Base Currency 2 fields will show the exchange rate between that Currency and Base Currency 1 or 2.
- 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 will show a simple exchange rate between the foreign and home Currencies.
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The Personnel Payment register in Standard ERP:
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Go back to:
Introduction to the Personnel Payment Register
