Foreign Currency

Purpose: Use this form to activate and set up your currency rates – consult with your accountant if in doubt.

Use Foreign Currency: Click on down arrow and click on Yes to activate the Foreign Currency Module and make Home currency code entry mandatory before update, then enter the Home Currency Code.

Code: Enter the 3 character International Currency Code (ICC) of the currency. A list of ICCs can be printed from the internet, or obtained from your bank.

Description: Max 20 character name of currency.

Balance Sheet: Max 6 decimal places. Enter the number of units of this currency to equal 1 unit of the selected Home Currency. Foreign currency balance sheet account balances will be converted to home currency at this exchange rate.

P & L: As Balance Sheet.

Use Transaction Rate: Check to convert Profit & Loss transactions to home currency using the exchange rate entered for each individual transaction instead of the above P & L rate.

Use Period End Rates: Check to convert Profit & Loss transactions to home currency using the exchange rate entered for each individual transaction instead of the above P & L rate.

Click ‘OK‘ to save or ‘Cancel’ to clear and close without saving.