1. Home
  2. Initial Setup
  3. Currency Control

Currency Control

OVERVIEW

Sales, Jobs and Purchase Orders can be prepared in currencies other than the normal system currency.

Each Customer and Supplier can be given a default currency for Sales, Jobs and Purchase Orders.

Parts can have up to five currency prices. For this, the currency symbols must be defined in the Company Details Maintenance window.

Exchange rates are held everywhere as floating point numbers. This permits up to 14 places of decimal accuracy but displays them on occasion in scientific notation: E.G. 0.0256987 will be displayed as 2.56987e-2, and 1957.61 as 1.95761e+3.

This article is part of the Vision Setup Guide. Click Here to return to the Setup Guide.

File Path

File > System Manager > Currencies…

This file path takes you to the Currency Control window. This window has three tabs. Select the Setup Currencies tab first.

Setup Currencies tab

Graphical user interface, table

Description automatically generated

This tab is used to setup new currencies. To add a currency, select New.

Currency Symbol

Enter the currency symbol of up to three characters that will uniquely identify the currency. You must NOT enter your local currency which is defined in the Company Details Maintenance window. Once created, you will not be able to change the currency symbol.

Decimal Character

Here you will enter the decimal character eg. p if the currency is £ or c if the currency is €.

TIP: If you use the # (hash or pound) character as your currency decimal character the cent portion of an amount printed in words on documents such as sales orders, invoices and cheques is suppressed. This feature is provided for large scale currencies such as Rupees and Yen.

Name

This is the name of the currency.

EMU Triangulation Currency

Enter the triangulation currency symbol here

BUTTONS AND FIELDS

Cancel

This button aborts the process currently in session.

Save

Click to confirm and save the new currency

New

This will create a new blank record in the file. You can ten enter the details for the record and confirm or cancel the new record.

Delete

Click this button to permanently remove the currently selected record from the field. If you are permitted to delete the item, you will be asked for confirmation, otherwise an explanation will be given.

When you attempt to delete a currency using this button, the system will first check that the currency is not used elsewhere. This can be a slow process. Checks are carried out that the currency is not used in:

1. Company Details part currency prices

2. Invoices that have not yet been paid

3. Jobs

4. General Ledger accounts

5. Purchase Orders

6. Sales Orders

7. Customers

8. Suppliers

Having completed the checks without locating any references to the currency, you will be asked to confirm the deletion, otherwise you will be prevented from deleting it.

Adjust Rate tab

Graphical user interface

Description automatically generated

Use this tab to adjust exchange rates

Currency List

This is a list of all currencies in the system. Click to select and modify.

Currency – Code

This shows the code of the currency currently selected.

Currency – Cent

This is the Cent character of the currency currently selected.

Currency – Name

The name of the currency currently selected shows here.

Last Changed

This shows the date and time the currency was last updated.

Exchange Rate

The value of the selected currency in relation to 1 unit of your normal currency. For example, if your normal currency is US Dollars and you wish to deal in UK Pounds, the exchange rate will be approximately 0.670000 (USD being worth approximately GBP0.67). You can use up to 14 decimal places, however normal currency trading is to 4 decimals (6 in Euro zone).

Reciprocal Rate

The value of the reciprocal of the foreign currency exchange rate.

EMU – European Monetary Union field

With this extended area you can:

1. Calculate an exchange rate from its reciprocal.

2. Enter a triangulation currency which must be already defined as a normal currency. Then enter the exchange rate (or reciprocal) of the currency you are creating.

3. Enter a value in the currency or your local currency for which ECU triangulation rounding will apply.

All three will compute a new exchange rate for your new currency, which can be accepted with an Ok.

EMU Triangulation with – Currency symbol

Triangulation currency symbol goes here.

EMU Triangulation with – Rate

The triangulation currency rate is entered here.

Reciprocal rate

This is the value of the reciprocal rate entered for the currency against the triangulation currency.

With Rounding applicable to (in currency)

This is the rounding value in the foreign currency. If used effects the triangulation conversion when editing a rate.

With Rounding applicable to (in Local)

This is the rounding value in your local currency. If used effects the triangulation conversion when editing a rate.

BUTTONS AND FIELDS

This function is only available if you have the Ledgers license option.

This provides a report for all A/P and A/R transactions that have some due amount and are in a foreign currency. It shows the local value of the transaction and the value calculated from the current currency exchange rate. The difference is potentially the exchange loss or profit that will occur, were the rates to remain as they currently are. You can change the Destination of the report by selecting the ‘Report Destination’ menu command.

Selecting this button will cause a report to be printed of the subject matter.

Revert to Saved

This button will abandon any changes and revert to the last saved set.

Apply New Rates

Click to apply the new listed rates you have changed. You will be asked for a log comment.

Graphical user interface, application

Description automatically generated

Re-value System

Select to re-value Orders and Accounts to the latest currency rates where applicable.

Rate Changes Log tab

A picture containing calendar

Description automatically generated

In this tab you can view the logged history of rate changes.

Changes Log list

This is the changes log for the selected currency. You can edit the comments within the list.

TIP: To edit cells in the list, select the line and click in the cell and hover the mouse over the cell. The cell will then expand into an editable box in which you can enter different data. On leaving the box with any action like a tab or click elsewhere, the data is verified and the list returns to normal with the new data shown in the cell.

Selecting this button will create a printable report of the subject matter.

This article is part of the Vision Setup Guide. Click Here to return to the Setup Guide.

Compiled in Program Version 6.00. Help date last modified on 26 May 21

Class wAcCurrency (Currency Control) FP: File > System Manager > Currencies…

Updated on September 20, 2021

Related Articles