Multi-currency

The currency function is used to set up all currencies used by your company in all applicable modules. All banks, customers, and suppliers are assigned a Currency ID. All transactions made to a customer, supplier, or bank are created and stored in their own applicable currency. For example, a Japanese customer's balance will always be displayed in Japanese YEN, a U.S. supplier's checks will always be printed in U.S. dollars, etc.

All currencies set up in this function will have a corresponding General Ledger, Accounts Payable, and Accounts Receivable account set up in the function "account". Any customer or supplier that is set up with a currency ID other than the base currency must have that currency's corresponding A/R or A/P account assigned to it. In addition, each currency should also have the following exclusive balance sheet accounts assigned to it: A/R exchange account, A/P exchange account, and cash exchange account. The currency's exchange variance G/L code should be a P & L account. This variance account is used to record the gain or loss on exchange.

Foreign currency transactions are always created for the exchange rate at the time that the transaction is created. The rate stored in this function for each currency at the time of transaction creation is used for exchange calculations on foreign transactions.

Trax Distribution:Solutions have been developed from the ground up with the complications of multi-currency transactions in mind. Each customer, supplier, or bank can be set up with a default currency for that company's transactions and balances.