Trading Currencies
Access Accounts is available in either single currency or multi currency versions.
Note: Nominal Defaults are determined in System > Settings > Options > Nominal Ledger Options.
Single Currency Version
In the single currency version, you may trade in any one currency (your Home Currency), and all multi currency features are disabled. You may create multiple country records to allow trade with any other countries, but you can only trade in your Home currency. The Home Trading Currency is only visible to the 'Master' User (i.e. User attached to the Master Security Profile). The Home Trading Currency record is not available to users in any other profile (including duplicates of the Master profile). Therefore, the ability to determine Sales/ Purchase analysis defaults is restricted to the Master profile.
Multi-currency Version
The multi-currency feature enables you to trade in any currency, while keeping the bulk of your accounts in a designated (Home) currency.
Access Accounts is renowned for the strength and simplicity of its multi-currency facilities. There is no limit to the number of currencies you can trade in, or the number of exchange rates per currency. All the complexities of calculating and accounting for exchange rate differences are handled automatically by the system, and full currency analysis is passed into the Nominal Ledger for detailed management reporting.
Customers and Suppliers are assigned to a Country, and may be flagged as only trading in the currency of that Country, or as trading in any currency.
Most Nominal Accounts can have postings made to them in any currency, these postings will be converted to the Home Currency at the time of posting.
Some Nominal Accounts, such as Bank Accounts, are for a single currency, so you will need to set up a Bank Account for each currency that you use.
You do not need to have set up a Country record before you can enter trading currencies for it. For example, you could enter the Rand as a trading currency, without needing to have entered South Africa as a Country.
The Trading Currencies window, opened by selecting the Currencies function, allows you to set up and maintain your Trading Currencies.
You can create Trading Currency records without creating a Country record for the country associated with the currency.
For example: you can create the Rand as a Trading Currency without having a Country record for South Africa.
As part of the Database Creation routine, the system creates a Home Currency record and, if selected, a currency record for the 2nd base Currency.
You can view these using the Browse buttons on the Trading Currencies window.
Currency ribbon
Rev Debt/ Rev Cred
The Revalue Debtors/ Creditors functions are selected from the Trading Currencies record.
This will update all debtor/creditor records held in the system at the latest exchange rates. It will post any resulting Exchange Rate Differences to the designated Nominal Control Account for that Currency.
The Revalue Debtors/Creditors will revalue outstanding Sales/Purchase Ledger Currency Transactions respectively.
Before using this function, it is vital to check that the default Nominal Accounts have been set up for each Trading Currency for the Sales and Purchase Exchange Difference. If this is not done, the Exchange Differences will all be posted to the Suspense Account.
You should first select whether this revaluation is to be for the Currency that you are looking at or for All Currencies.
If you have selected All Currencies, then the Current Exchange Rate for each Currency (the most recently entered Rate held on file) will be used.
If you selected the specific currency, the current Exchange Rate for that currency will be shown and you can either overwrite this, or you can click on the drill button and select from the Currency Rates list window that is displayed.
You have the option to Create Exchange Difference Journal, and if this is selected:
A message will warn you that your Control Accounts may not agree with your Ledgers.
You should enter the Voucher Ref..
The option to Batch the Journal becomes available and, if selected, the Batch Reference field becomes visible.
If the option to Batch has been selected, you should enter the Batch Reference.
The Transaction Date (System Date) will be shown, but this can be overwritten.
You can post the Exchange Difference to Future Periods and Year (if you have been granted the privilege).
You can then select Reverse at Period End (the default), Reverse When Posted, or Do Not Reverse.
You can if you wish, enter a narrative Description for the Journal.
Select the output destination and click print. Click OK to carry out the revaluation and to create the journal.
Rev Noms
The Revalue Nominal feature updates all currency values held in the Nominal Ledger at the latest exchange rates.
Caution! This function should be used with great care as it impacts directly on your Profit & Loss Account.
This function is selected from the Trading Currencies record.
The Revalue Nominal will calculate and display:
A revised Currency Value for each Nominal Account.
The difference between the original and revised values.
Print report for: - You should first select whether this revaluation is to be for the Currency that you are currently viewing, or for All Currencies. If you have selected All Currencies, then the Current Exchange Rate for each Currency (the most recently entered Rate held on file) is used.
Print report using: - If you have selected to print the report for a specific currency, you should choose to use either the Current Exchange Rate or Specify a new one.
If you selected the Current Exchange Rate, then the most recently entered rate held on file is used.
If you selected a Specified Value, the current Exchange Rate for that currency will be shown and you can either overwrite this, or you can click on the drill button to select from the Currency Rates list window.
The revised Currency Value can be used for producing a revised Profit and Loss or Balance Sheet report, for use in external applications such as Spreadsheets or Word processors.
The schedule of differences can be used to post a Reversing Journal, so that revised reports can be printed from the system.
Defaults
Clicking the Defaults icon on the Trading Currencies window displays the Currency Defaults for the currently selected currency.
The System requires a minimum number of Analysis Codes and Nominal Accounts for each new currency. These are set up automatically when a new currency is created, using the Currency Symbol you have entered.
For the Home Currency, the Sales, Purchase and Bank defaults should always be set using the Defaults icon.
The Currency Defaults window which has a tab card each for the Sales, Purchase, Nominals, and Stock Ledgers.
You can edit the codes and descriptions but you should not clear any of the fields or attempt to leave them blank: if any of the fields are left blank, a search window will be opened so that you can select a code or account to be used.
If you change the codes and accounts, we recommend that you keep to the convention of using a Currency Symbol Prefix, e.g. US$SALES, as this can simplify the identification of a currency when looking at reports.
Trading Currencies
Trading Type / Currency Type - When no record is being viewed, the drop-down buttons at the top of the window default to Trading Type and Currency Type. Trading Type defaults to Non-EU Currency; however, EU Currency can be selected by clicking on the drop-down. Currency Type defaults to Direct Rate; however, Triangulated Rate can be selected by clicking on the drop-down.
Direct Rate - If you are operating outside the scope of EMU, you can select the Direct conversion method. All Euro-type currencies are converted by a Direct method (Home - Foreign).
Triangulated Rate - The EMU Joining Date field, which is normally hidden, is displayed and a date should be entered if applicable. If a date is entered, access to this currency’s Exchange Rates will be locked and only accessible to the highest possible security level.
Symbol/ Nominal Suffix - Enter a Currency Symbol and Nominal Suffix and press the tab key.
Both the Currency Symbol and the Nominal Suffix must be unique.
Nominal Suffix must be numeric.
If the Currency Symbol entered is recognised as being an EU currency, the Trading Type drop-down menu changes to show EU Currency upon leaving the symbol field.
As you move from the Nominal Suffix field, the system generates the Sales, Purchase, Nominals, and Stock Currency Defaults for the Currency Symbol you have entered. These are shown in a separate window, allowing you to edit these default codes as required. We recommend you print the Currency Defaults. Save the Currency Defaults by clicking OK and you will be returned to the Trading Currencies window, where the Analysis Defaults for the Sales Ledger and Purchase Ledger have been generated.
ISO Code/ Description/ Notes - Complete the currency record by entering an ISO code, a description of the currency and any notes. The code can be selected from a list of valid codes by clicking on the search button alongside the field. The ISO code is used by the XML Output feature.
Click OK to save the record. A message will remind you to enter the Exchange Rates for the currency through the Rates Maintenance window.
When established, the Exchange Rates for a Currency can be viewed from this window by clicking the Rates icon.
Workflow Forms
Any Workflow Forms on the Record Window are displayed in a list pane at the bottom of the record window. If no WFF is attached to the record, the pane is not visible.