The System Profiles set the general configuration options for the currency system.
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.
If the Euro is one of the currencies you trade in enter the currency code here.
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.
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.
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.
The same three questions are posed for each of the ledgers.
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.
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.
Article ID: 878
Created On: Tue, Jun 26, 2012 at 11:10 AM
Last Updated On: Tue, Jun 13, 2023 at 12:51 PM
Online URL: https://kb.datafile.co.uk/article/system-profiles-878.html