Code – The short name for a currency.
Country – The country using this currency,
Currency – The name of the currency.
Exchange Rate – The fixed rate for the currency.
Indirect Conversion – Checked if set to indirect.
Symbol – The symbol used for this currency.
The multi-currency module allows a company to operate in other currencies besides the base used for GL reporting.
Invoices can therefore be sent to customers and payments can be accepted in their own currency and when they get posted to the GL they get converted to the companies base currency.
Purchase orders can be sent to vendors in their currency and when the inventory arrives it gets converted to base currency, Then when payment is made to the vendor it will pay them in their currency.
When invoices are posted to accounts receivable and purchase orders are closed to accounts payable the currency rate of the day is used. Then when the payments are received and made and the rate is different, Spire will automatically post the difference to the Gain/Loss GL account set for that currency.