Currency records maintain not only the current exchange rate but also historical rates and formatting for reports and forms.
Code – The international three-character short code for the currency.
Country – The country that uses this currency,
Description – The name of the currency as you want to see it appear on reports.
Exchange Rate
These values cannot be entered if you are editing the base currency record.
Direct – Select if you wish to calculate the base currency by multiplying the exchange rate by the foreign currency amount.
Indirect – Select if you wish to calculate the base currency by dividing the foreign currency amount by the exchange rate.
Rate – The current exchange rate used for all foreign currency transactions.
Format
Unit Name – The unit name that the currency is traded in, such as dollars.
Fraction Name – The name for the portion of a unit, such as cents.
Sign – The sign or symbol for the name such as $.
For any of these fields, if you don’t see the value you want on the drop-down list, you can type in the required value and it will get added to the list.
Sign is – Choose for the sign to print on forms either as a prefix or a suffix to the currency amount.
Thousands Separator – Select the character used separating each 3-digit group of the currency amount, such as 1,345,366. Blank is an option.
Decimal Places – Select the number of decimal places supported by the currency for the fractional portion, from 0 to 2.
Decimal Symbol – Select the character used separating the fractional portion of a currency amount from the rest.
Check Date Format – Select how date values are formatted when printing checks for this currency.
Gains/Losses
GL Account – When a payment is applied to an invoice, where both use the same foreign currency and their exchange rates are different, the base currency equivalents will also be different and not net to zero. This GL account will be used for storing these gain or loss differences for this currency.
Monthly Rates
A separate tab that stores an exchange rate values for each month of the three fiscal years that you can post to. These are not used when posting transactions, but only when using the Currency Revaluation function on GL accounts for this currency.
