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Multi-Currency Setup

Preparing Your System for Multi-Currency

Multi-Currency Transactions

Editing Multi-Currency Transactions

Supported Currencies

Currency

Caution! If a client that is already "live" with netFORUM without Multi-Currency enabled and wants to turn on this feature, client is required to contact Abila because a migration path has not been developed at this time. Implementing a Multi-Currency system in netFORUM is a major undertaking for existing clients that will require preparation and coordination. Do not do this without checking with Abila. If a client wants to use this functionality, it will require additional data conversion effort for existing financial data to support Multi-Currency functionality. Without conversion of existing data, netFORUM will not function properly.

The Multi-Currency functionality will allow customers to purchase items in currencies other than the main currency of your organization. The functionality works across all items in Centralized Order Entry only while maintaining the integrity of all Accounting functions .

Definitions

Main (or Home) Currency
The currency selected as the primary currency for a Business Unit.
  • This currency will be used for all journal entries.
  • All exchange rates are based on this currency.
  • This will be the default currency for all forms and database tables.
  • How this is calculated: Transaction Currency X Exchange Rate in the currency table at the Time of a Transaction.
Currency ID
The code used to track a currency
Examples of Currency Codes: USD($)=US Dollars, EUR(€)=Euro (Euro Member Countries), GBP(£)=British Pounds (United Kingdom), MXN($)=Mexican Pesos, etc.
Transaction Currency
The currency selected for a particular transaction. ALL monies (receivable or payable) will be applied in this currency.
Exchange Rate
The amount one currency is worth compared to another currency.
Example Exchange Rate: An exchange rate of USD 1 ($1) to the EUR 0.635 means that for every $1, you would get back €0.63. Similarly, an exchange rate of USD 1 ($1) to the MXN 10.070 means that for every $1, you would get back MXN$10.07 (pesos) in Mexico.
Realized Gain/Loss
The amount gained or lost due to changes in the exchange rate between the time of the original transaction/invoice and the time of a payment. If a payment is made at the time of the original transaction, there is no Realized Gain/Loss.
Calculation Method
The operation used (multiply or divide) to convert the transaction currency to the Main Currency.
Rounding Error
The amount gained or lost due to the rounding of the currency amounts between transactions.

Basic Assumptions

  1. The Main Currency is set at the Business Unit level.
  2. Each Order has only one Transaction Currency.
  3. This Transaction Currency will determine the currency for the related Invoices, Payments, Credits, and Refunds.
  4. Exchange Rates are determined at the time a transaction is completed.
  5. Ledgers and Batches are always in the Main Currency.
  6. A default currency will be set for each customer. If a currency is not, the Main Currency will default as their main currency.
  7. The Transaction Currency can be changed at the time of an order.
  8. Exchange Rates are automatically read from the Exchange Rate Table.
  9. Product Prices can be set up in different currencies in the Price Profile.

Enabling Multi-Currency in Existing Systems

When you enable the EnableMulticurrency system option, the ac_multi_currency table will be empty, which populates the data for all transactions. After enabling the system option, contact your Support Representative or Project Manager here at Abila for further procedures.

Technical Information