I believe this post originates from the desire to have one's own currency as the default at setup time of said company.
I have noticed that the default currency depends on the setup script that is specified and used for setting up new company under Setup->Creating/Update Companies menu selection. What I did was use a setup script for Singapore chart of accounts and ended up with currency defaulted to SG$ while using default script results in US$.
1) Am I right to infer that in order to have the main currency default to home currency,it is necessary to modify the setup script to customize one's currency and do this for the setup script that defines chart of accounts?
2) I expect this default currency is the based used for all rate lookups? Would deviating from US$ cause any issues in rates look-up?
When you get a message that says that the currency rate cannot be retrieved from the ECB you can do as the message says. Enter an exrate yourself. You don't have to do this every day. Probably once a week. FA will always use the nearest value.
The routine will try to get the best value, but will always fall back to your last entered value.
3) The above statement implies that the system defaults to the currency at setup time of company(not entire system). Then each supplier or customer can have dealing with this company using their respective currency, defined in respective debtor/creditor maintenance?
4) It would make business sense if my company currency were MYR and I had someone from Thailand supply me stuff, they would bill me in THB and expect to be paid in THB. Therefore, when I receive an invoice, I would accrue it in my creditor list AP as THB amount. As long as this amount remains outstanding, FA would go about calculating at the last rate that is defined for the currency THB against home currency of MYR? I am a littleunsure how the historical rate change updates will be reflected in the system & reports?
I think the documentation lacks a thorough explanation of how currency is handled and that is why new comers get confused. Perhaps this thread can be usedto further gather information before actually summarizing into the wiki?