Topic: Set up currency as default for a company
Well, I have gradually been assimilating FA features...but then, as a newbie, I have perhaps a candid question.
How do you set up a specific currency for a specific company ?
thanks, again.
Re: Set up currency as default for a company
If you mean a company that is your own, then you set the currency in the Setup tab, Company Setup. If the currency is not here, you must set up the currency in Banking and General Ledger, Maintenance.
If you mean a customer / supplier, you do that in respective tab, Maintenance.
/Joe
Re: Set up currency as default for a company
please can someone help give me the steps on how to fix my currency?
i have imputed our home currency (francs) and selected it to be the demo currency abut when i enter a payment, it is in USD.
again under banking and general ledger_ maintenance_curenies , the abbreviation is instead DKK which at times the system reply me exchange rate not set to the current date when i make a payment.
am waiting
Re: Set up currency as default for a company
You can set your local currency in company preferences. If your currency is not listed by ECB set auto update off in currency setup and entry any needed daily exchange rate for foreign currencies you are using in your transactions.
Janusz.
5 04/03/2010 12:40:30 am (edited by zenx 04/03/2010 01:07:06 am)
Re: Set up currency as default for a company
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?
Re: Set up currency as default for a company
1) Main currency can be set after installation in company setup before you start transaction entry. Or can be set in setup COA file.
2) Base currency is used for all postings to general ledger. You can setup it as you wish, only issue can be related with finding source of rates for automatic update, but this can be also switched of.
3) Yes
4) All rates are stored in transaction record as of date of transaction, and GL postings are made in home currency using this rate. There is no need for later recalculations.
I agree the documentation lacks a lot of FA functionality. Wiki is open for changes for all registered forum users, so if you want to help document FA you are welcome 
.
Janusz