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Currency – Activate The Module

To update the values used by the system to process transactions denominated in currencies other than home currency and to calculate the home currency value of sales and/or purchases .

Compile a list of all the different currencies in which your business transacts.
Obtain an up to date list of commercial exchange rates for these currencies – freely available on the web or your bank will generally supply this free of charge.
Obtain a list of international currency codes – this can be found on the internet using a search engine and will ensure that users avoid misunderstandings by following accepted conventions.
First time use – decide on the accounting policy for foreign currency exchange differences – see Calculate Accounting Exchange Differences.
First time use – create a nominal ledger account for Exchange Differences – see Add & Edit Nominal Accounts.
First time use – enter the nominal ledger account code as the control account for Exchange Differences – see Nominal & Cash Book – Control Accounts Page. The system will not allow sales or purchase ledger transactions to be processed before this account is created.

On the main menu click View > Parameters > Currency to display form.
Click Yes on Use foreign currency field to activate the module.
Complete as required – see Foreign Currency Parameters.
Once the module has been activated, additional fields will appear in the sales and purchase ledger standing data – see Currency Use The Module

Print or save a file of exchange rates each time these are changed.

File the report or save the file in a secure location noting the date and time on which the rates changed.


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