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Currency – Activate The Module

Purpose:
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 .

Preparation:
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.

Processing:
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

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

Filing:
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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