Multi-Currency Setup

The currencies added must be accepted by the exchange rate web service, and your merchant account must be set up to accept these currencies as well. The exchange rate web service is available at WebserviceX.NET Currency Convertor.

1. Go to the Currency group item (usually located in the Group Item Overflow menu).
2. Click the Add group item link. The Add - Currency page will display.
3. Enter or select the required information:
   • code: The code used to identify each currency. This code must be IDENTICAL to the code in the exchange rate web service for that currency.
   • description: The name of the area that the currency is associated with.
     • "United States Dollar" distinguishes the currency from the Canadian Dollar (CAD).
     • Enter the country if that currency is specific to that country or region e.g. European Union (EUR ) for the "Euro" or Bolivia (BOB) for the "Bolivianos".
   • symbol prefix: The symbol that is used in front to the currency e.g. $,€ (Euro), £ (Pound).
   • symbol suffix: The symbol or code used after a currency as another distinguishing identifier, e.g. $50CAN
   • calcualtion method: The mathematical equation (multiply or divide) used to calculate the exchange rate. This defaults to multiply.
   • unit: The basic unit of the currency (dollars, euro, francs, pounds, pesos, rupees, ruble, and so on).
   • sub-unit: The subdivision of the main currency unit, usually in coins, e.g. cents, centavos, kopeks, paise, pence etc.
   • separator: The punctuation used to separate the digits in the currency. The "comma" is the most commonly used separator.
   • accuracy: The amount of digits after the decimal point (Commonly TWO). Exchange rates will be returned to three decimal points.
   • negative display: how you want your negative numbers to display e.g. -999.99, (999.99) Cr 999.99
   • fractional seperator: The punctuation used to separate the main unit from the sub-unit. The decimal point or period (.) is the universally accepted symbol used by nearly all currencies.

Business Unit Setup

When setting up your Business Unit, the currency drop-down list has been added to the Add - Business Unit page to set up your Main Currency. However, the Multi-Currency G/L Accounts associated with each Business Unit must be added on the Business Unit Profile page.

The Business Unit group item is commonly in the Group Item Overflow menu.

To select the Multi-Currency G/L Accounts, click the Edit button on the Business Unit Profile page. The Edit - Business Unit page will display. These are required to integrate the multi-currency functionality to the rest of your accounting system. These accounts include:

1. realized gain
2. realized loss
3. rounding error
4. currency

Linking Currencies to Business Unit

You can add currencies to a Business Unit in the currencies child form in the Multi-Currency tab.

Click the Add button. The Add - Business Unit Currency page will display. Select a currency from the currency drop-down list, click Save.

Note: Make sure that currency will be supported before adding it to the Business Unit.

Linking Currencies to Payment Method

Each currency must subsequently be added to each Payment Method within that Business Unit.

On the Business Unit Profile page, click the Payment Methods tab. Click the GoTo Arrow of the Payment Method to which you wish to add the currency in the Payment Method child form. The Edit - Payment Method page will display.

On the currencies child form, click the Add button. The Add - Payment Method Currency page will display. Select a currency from the currency drop-down list, click Save.