The "Currency" feature is used by companies who buy and /or sell in foreign currencies. It allows the setting up of records for currencies for whom you do business and record gains and losses due to currency fluctuation. You can also create forms for Invoicing in the foreign currency.
Currencies, manage foreign exchange
Play Movie: p2_Curre.MOV
When "Currencies"is selected a list of "Currencies" records are displayed. If there are no records, choose Action > Add Record > Currencies as the file. A window similar to the one below opens.
Fill in the record and save it to add it to the Popup list.
These are the fields within the" Currency" record.
Date Created defaults to today's date when the record is created.
The Active box activates the record and puts it in the Popup list.
Currency ID is a four character abbreviation for the currency. This is what is displayed in the Popup list.
Exchange Rate is the rate to multiply the dollar with to find the currency amount.
Comment is a "Text" field for any notations.
How Does it Work?
The "Exchange Rate" feature is seen within the Proposal, Order, Invoice, Purchase Order and Payment records.
In the Proposal, Order, Invoice and Purchase Order the feature works in the following manner:
1. Input the document with line items as you would normally.
2. From the "Currency" Popup list choose the desired currency.
3. Click on the box to the right of the "Currency ID" to toggle the Sales totals to the currency.
When an Invoice is saved with a currency documented, the Exchange Rate is recorded.
Note: To create a form using the "Currency" and "Exchange" rate requires the knowledge of writing calculations and scripts into the form. It is possible. Call James Integrated Tech to purchase Tech Support to create the specific form that will be needed to preform the calculations you require.
The payment record using "Currency" works in the following manner:
1. Add a "Payment" as you normally would.
2. If the "Exchange Rate" has gone up or down since the time of the sale, put in the current "Exchange Rate".
If the exchange rate has fluctuated up, the difference is debited to the account number designated as "Currency Adjustment" in the "Accounts" record.
If the exchange rate has fluctuated lower, the difference is credited to the account number designated as "Currency Adjustment" in the "Accounts" record.