Currencies

Purpose

To set the Currencies used in FA. The currencies table that stores the data.

Procedure

Banking and General Ledger -> Currencies

Tips and Tricks

Setup 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 (CAD here), then:

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