# Currencies

A currency indicates a definable monetary type. Every account is specified in terms of exactly one Currency. There is no practical limit to the number of currencies that can be specified.

Features

- No practical limit to the number of currencies that can be defined
- Modifiable Exchange rate

Currencies form

Module: General ledger

Category: Currencies

Activation: Main > General ledger > Setup > Currencies

Form style: Multiple instance, SODA

Special actions available for users with Administrator permissions:

- Change the User ID of the Entered by field of memos.
- Edit memos entered by other users.

Database rules:

- None

Field definitions

Currencies

Reference: List

This is a list of all available currencies that have been defined. As you click on each of the Currency codes in the list, the details of that currency will be shown on the right.

When you want to edit or delete one of the currencies, select the entry in the list and click on the Edit or Delete buttons.

Local currency

Reference: Text, Read Only

This is the Currency that Accentis Enterprise recognises as being the local area currency. All currencies other than the local currency are considered to be foreign currencies.

Currency code

Reference: Text(3), Mandatory

This is the code given to the Currency and will be used to refer to the currency throughout Accentis Enterprise.

Currency sign

Reference: Text

The single character sign used to denote this currency, such as $ (Dollar), ¥ (Yen), € (Euro).

On selected reports, and in particular when this is for your database's native currency, you will see this sign used in front of numeric values or on column headers. It can be any ASCII character, however, keep in mind that on printed reports, the font selection may not support all characters. It's best practice to choose a character this is most-commonly used.

Exchange rate

Reference: Quantity, Mandatory

This is the current rate of exchange for the local currency against the specified currency.

The exchange rate is used as the basis to determine amount in foreign currency given a local currency amount.

For example, $10 in local currency would be equal to $12.50 in a foreign currency given an exchange rate for the foreign currency of 1.25. This can be calculated using the equations:
Foreign currency amount = Local currency amount * Exchange rate
Local currency amount = Foreign currency amount / Exchange rate
Exchange rate = Foreign currency amount / Local currency amount

Profit / Loss on currency exchange account

Reference: Account Field Type, Mandatory, QuickList

When transactions are completed between an account of this currency and a local currency account, a way is needed to keep track of the profit or loss that has been incurred due to the exchange between these different currency accounts. The profit / Loss on currency exchange account is the account in which these profits or losses will be stored.

Notes

Reference: Memo, Expandable

These are any general details relating to the currency.

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