System Profiles

The System Profiles set the general configuration options for the currency system.

Base Currency for this Company

Enter here the three-character code of the currency defined as the base currency for this company. Note that the ledgers for one company must all use the same base currency.

Currency Code for the Euro

If the Euro is one of the currencies you trade in enter the currency code here.

Sales Ledger - Allow Foreign Currency

You activate foreign currency procedures for the sales ledger by setting this option. If you leave this blank, then foreign currency procedures are not invoked at all for the sales ledger. Although you may have foreign currency data items defined in the files, these fields are updated with the base currency.

Sales Ledger - Use Daily Spot Rate

This is usually left blank. If spot rate history facilities are to be used in the sales ledger (see descriptions in above sections) then set this.

It is likely that you would only use the spot rate history feature if you were a commodity dealer, currency trader, or otherwise occupied in a business where exchange rate fluctuations are a prime aspect of your business.

Sales Ledger - Usually Fixed Rate

This defines the default for the question asked when entering foreign currency transactions into the sales ledger. It is usually left blank. Where the usual default is to be Y (for example, if you choose spot rate history) then set this option.

Purchase Ledger - Allow Foreign Currency

Purchase Ledger - Use Daily Spot Rate

Purchase Ledger - Usually Fixed Rate

Nominal Ledger - Allow Foreign Currency

Nominal Ledger - Use Daily Spot Rate

Nominal Ledger - Usually Fixed Rate

The same three questions are posed for each of the ledgers.

Allow Values Up To 9,999,999,999.99

Selected currencies, like the old Italian Lira, have a large exchange rate where a comparatively small value in your base currency results in a large value in the currency of your customer/supplier. The data items for values are typically ‘L’ type which allows 10 significant figures but the account enquiry screen and allocations etc. reduce this to 8 significant figures for display purposes (so more detail can be displayed). Setting this option displays the value in full.

Stock Control - Multiply Prices * Rate

Reply Y to this question if the order processing systems are to take the base currency price and apply the appropriate currency rate to derive the foreign currency price.