Multi-Currency Detail

Overview

Multi-Currency detail gives the Field description of the Multi-Currency Applet.

Field Descriptions

Currencies Tab

Description - The grid below holds the following general information for each currency defined. Double click the line to launch the Currency utility as described below.

•	Active - Indicates that the currency is active

•	Base - Indicates the system base currency

•	Currency Symbol - Assigns the associated currency symbol

•	Currency Code - Currency code used to drive the currency exchange rate

•	Currency Name - Indicates the associated currency name

Currency Pairs Tab

Description - This tab defines the exchange relationship between currencies and contains the Currency Rates set up tool. Exchange rates can be altered on a daily basis. Both triangulation and inverse (reciprocal) exchanges are supported.

•	From - The originating currency in the exchange.

•	To - The destination currency in the exchange.

•

Triangulating Currency - The interim currency in the exchange if required. A triangulation is used when no direct exchange rate exists between currencies. For instance, if an exchange from Yens to Euros did not exist but Yen to USD and USD to Euro exchanges did exist, the currency pair for Yens to Euros could be defined, triangulated via USD. Please note to utilize a triangulating currency, there must be accompanying currency pairs to define the exchange relationship between the From and Triangulating currency and the Triangulating and To currencies.

•	Use Reciprocal - Indicates the defined exchanges relationship can be utilized inversely.

•	Rates - Launches the Currency Rates Utility set up tool (defined below).

Currency Utility (Toolbar)

Description - This utility is used to define or edit detailed system settings for new or existing currencies respectively.

•	Base Currency - Checked if designated as the Base System Currency in Administration>Global Settings>Currencies tab.

•	Active - Indicates system status of the selected currency

•	Culture - Configures the base culture the business is operating in and drives system report formats.

•	Symbol - Represents the system wide currency symbol.

•	Code - International three character monetary code. This important setting drives the import of system exchange rates.

•	Name - Required Field containing the selected culture's currency name.

•	Precision - Defines columns to the right of the decimal place and drives system rounding. Example: Precision 2 rounds to the nearest hundredth (5.248 = 5.25).

•	Unit - Represents the smallest unit in the selected currency. Example: For USD, 1 represents the Penny (the system will round to the nearest penny).

•	Major Denomination - Defines the singular and plural cases for check printing. For example, USD major labels are "dollar" and "dollars".

•	Minor Denomination - Defines the singular and plural cases for check printing. For example, USD minor labels are "cent" and "cents".

Rate Tester Utility (Toolbar)

Description - This utility is used to test currency conversion rates.

•	From Currency - Source currency to convert from.

•	To Currency - Destination currency to convert to.

•	Amount - Amount to convert.

•	As of - As of date to convert from.

Currency Rates Utility

This utility defines the rate to use for the selected currency pair- notice the selected pair is displayed at the top of the utility. Current and Historical rates can be set manually or imported directly from openexchangerates.org and can then be tested for a given Amount/As of Date. An exchange rate must be defined for each exchange relationship in the Currency Pairs grid.

•	Amount - Originating currency amount to test. Test functionality only.

•	As of Date - Date by which to test the rate exchange. Test functionality only.

•	Start Date - Effective date of defined exchange rate

•	Rate - Exchange rate to be applied to the exchange relationship

•	Current Rate - When selected, imported rates will be based on currently designated rates