Currencies

Purpose

To set the Currencies

Procedure

>GL-FMS -> Currencies

• Enter the Official Currency Abbreviation
• Enter the Currency Symbol
• Enter the Currency Name
• Enter the name of Hundredth unit of the respective currency
• Enter the Country of the currency
• Check the Automatic Exchange rate update box if you want to keep the currency updated automatically otherwise you will have to update the currency exchange rates manually every time
• Click the Add New button to confirm the addition
• You can edit or delete any currency any time except the Home Currency

Tips and Tricks

>Config >Exchange Rates for each foreign currency.

Foreign Currency Account Work Flow

If Supplier is dealt with in foreign currency (USD here) but taxes and bank charges need to be managed in home currency (Rs here), then:

• Do a bank account transfer from say Visa => USD account
• Bank payment: to misc; from USD bank account;
  • Choose GST in Rs, enter USD
  • Choose Bank Fees in Rs, enter USD

Development Notes

When auto update field is set for a currency, exchange rate is retrieved automatically from remote service and stored in exchange rates table when used in a transaction. Otherwise user must set the rate manually before first transaction using the currency on date.