Currencies

Use currency codes to specify the currency unit you are using, for example in the customers' and suppliers' financial data on offers, orders, and other documents. You can also enter the exchange rate for the currency. This will allow amounts in a foreign currency to be converted into your own operating currency, such as euro or dollar.

Note: To be able to create documents such as order confirmations, invoices and purchase orders, at least one currency must be set as the base currency.

Tip: The Basic data form has two currency fields: the Currency field and the Exchange table currency field. Use the Currency field to set the base currency. The base currency is the currency in which the sums without currency code are expressed. Examples of this include the function group rates and the actual costing amounts. For euro countries this currency is typically set to 'EUR' (euro). Use the Exchange table currency to enter the reference currency for the exchange rate. If your company is based in a euro country, the Exchange table currency field must be set to 'EUR' (euro).

Tip: In the General Settings module, you can specify a default value for this field that applies to all customers and/or suppliers. This value will then be filled in automatically when a new customer or supplier is added. You can modify the default value of the field at any time if you want to use another value for a particular customer or supplier.

Tip: If you want to define both a purchase price and a sales price for a particular currency, you can use one position of the currency code to indicate the difference between purchase and sales. For example: Use 'USP' for purchase price dollars and 'USS' for sales price dollars.

This is the number of currency units for the exchange rate in the Exchange rate field. This number should be '1' for EMU currency.

You can set the currency displayed to the right of this field (for example, 'euro'), in the General Settings module, by choosing Settings, Basic data, Settings tab, Exchange table currency field. For euro countries, the exchange table currency must be set to 'euro'.

Example

0.95 United States Dollar is worth 1 euro. Enter the following:

Exchange rate:	0.95	US Dollar
Per:	1	euro

The exchange rates of the participating European currencies are fixed as from 1 January 1999, and they cannot be changed. For that reason, you can use the EMU currency field to lock these exchange rates. If the EMU currency check box has been selected, the Exchange rate and Per fields cannot be modified.

Note: Deselecting the EMU currency check box will enable you to modify the exchange rate again.