Maintain Currency

This option is used to add, change details of, view, or delete a currency from the system. With any of the sub-options of this menu choice are taken, a screen similar to the one shown below is presented. (Note that the screen design is user-configurable so that your screen layout may differ to the example shown.)

Adding a Currency

When you select the ADD option you are asked for the currency code to be added.

The code entered is preset as a maximum of three characters.If you enter a code that matches one already entered you are warned accordingly. If the code is accepted then the cursor moves on to the maintenance screen for you to enter additional currency details.

The items which are asked to complete or amend include:

Currency Name

The name of the currency is entered here.

Short Name

A word or phrase up to ten characters long for printing or display purposes where space is short (such as in a column heading).

Nominal Difference Account

When entering currency transactions to the nominal ledger in a specific currency, the converted base currency debits might not equal the credits. These differences will be due to rounding errors. The nominal ledger account quoted here is the code to which this difference is to be written for the currency code chosen. Although it is more common to use the same code for all currencies, you could define a different one for each currency.

Sales and Purchase Ledger Nominal Currency Accounts

Four other nominal ledger accounts are needed for each currency for both the sales and purchase ledgers to handle currency aspects correctly:

Exchange differences — the account to which differences on exchange (i.e. on account payments and allocations) are to be posted. This must be a base currency account, since no differences arise in the foreign currency. It is common to use the same code for all currencies, but you could define one for each currency if you wish

Revaluations — the account to which differences resulting from holding rate revaluations are to be posted. Again, this must be in the base currency, and again it is common to use the same code for all currencies, but you could define one for each currency if you wish

Adjustments — the account to which differences resulting from spot rate revaluations are to be posted. Note that these transactions are always provisional ones, and will normally be reversed out after the period end. Once again, these must be in the base currency

Bank — the default bank account associated with this currency. This must be in the same currency, or could be in the base currency if you do not have a specific bank account for each currency

Discounts — the nominal account to hold settlement discounts for this currency. It is common to use the same code for all currencies, but you could define one for each currency if you wish

Updating a Currency

Selecting the UPDATE option allows you to amend the details for existing currencies. <F4-Select> is available if required.

Viewing a Currency

Selecting the VIEW option allows you to view the details for an existing currency. <F4-Select> is available if required.

Deleting a Currency

Selecting the DELETE option allows you to delete the details for an existing currency. <F4-Select> is available if required.

If you choose to delete you are warned

If you agree to proceed then you are further warned

This reminds you that if there are any active transactions still in the file using this currency, then you should not delete it. If you finally decide to delete the currency, then all references to this currency are also removed from the rates file.