Base Currency Code

Set when the Company is created or during data conversion (cannot be changed).

Allow Foreign Sales

Select if you sell to foreign customers (Accounts Receivable required).

Allow Foreign Purchases

Select if you purchase from foreign creditors (Accounts Payable required).

Allow Foreign Bank Accounts

Select if you operate foreign bank accounts. (Cash Book required).

Use Exchange Rate Table

Selected, (default) Exchange Rate table will look up the exchange rate.

If an Exchange Rate is required the rate will be looked up in the Exchange Rate table based on Currency Code, Rate Type and Date. It is important to regularly Enter Exchange Rates if the Exchange Rate table is used.

Clear, Exchange Rates must be entered manually.

Revalue Fixed Rate Transactions

Selected, unallocated Fixed rate transactions in Accounts Receivable and Accounts Payable will be included in Revalue Foreign balances and generate unrealised exchange variations.

Clear, Fixed rate transactions are excluded from revaluation and do not create unrealised exchange variation.

Default Rate Types

Default Selling

Default Rate type used in AR, IN, and OE and for IC and JC Sell Prices. Defaults to SELL. This is the buy rate from the bank.

Default Purchasing

Default Rate type used in AP, PO and for Supplier costs in IC. Defaults to BUY. This is the sell rate from the bank.

Default Financial

Default Rate type used in CB. Defaults to FIN.

Default Average

Default Rate type used for converting Income and Expense account classes when importing GL Batches from subsidiaries in a different base currency. Defaults to FIN.

Add Rate types from Navigator > Setup > Foreign Exchange > Rate Types.

Default General Ledger Integration

Foreign balances are revalued for an accurate picture of current business commitments and their worth if repatriated. See Foreign Exchange Calculations.

Unrealised Gain/Loss Account

Specify the GL account for this. AR and AP unallocated transaction revaluations result in journals between this account (Expense account in Cost of Sales section of Chart Of Accounts) and Sundry Debtors or Sundry Creditors from Customer and Creditor group respectively.

Realised Gain\Loss Account

Specify the GL account for this. Realised Gain Loss is an Expense account in Cost of Sales section of Chart Of Accounts. Realised Gain Loss in AR and AP occurs on allocation. Realised Gain Loss is attributed to an item in the allocation pair based on the following rules:

• Invoices and Credits take the Gain\Loss over Payments, Receipts and Journals, where both transactions for an allocation are from the same grouping (for example, Invoices and Credits being the first group, and Receipts, Payments, Journals the second), the earlier transaction takes the Gain\Loss.
• Realised Gain\Loss from AR or AP results in journals between Realised Gain\Loss (Expense account in Cost of Sales section of Chart Of Accounts) and Sundry Debtors and Creditors, and reverses Unrealised Gain Loss (if any) between Unrealised Gain\Loss and Sundry Debtors and Creditors.

Realised Gain Loss in CB - occurs when AR sourced unbanked foreign currency items are banked to a base currency bank account. Any difference between the sum of the AR receipts converted to Base and the deposit amount is realised gain/loss on the AR transactions. Results in journals as follows:

• DR GL Account from Bank Account Transaction Amount.
• CR AR Clearing.
• CR or DR Realised Gain\Loss.

Unrealised Variation Reserve Account

Specify the GL account for this. CB bank balance revaluations result in journals between Unrealised Revaluation Reserve (Capital account under Asset Revaluation Reserve in Chart Of Accounts) and the GL account for Bank Account.

Buttons

Edit (F11)

Enter edit mode.

Save (F9)

Saves any changes.

If you have any Exchange Rates without Rate Limits, you will be asked to add rate limits now. Click Yes and the FX Exchange Rate Limits form will be displayed.

NOTE: Exchange Rate Limits are required to eliminate errors that can occur with incorrect exchange rates.

Cancel (Esc)

Closes without saving changes.