Currency Setup

Navigate to A/R Module, Setup -> System Tables Setup -> Currency Setup

Click on “New” to create the foreign currency you would like to track throughout the system reports.

Enter the currency ID, name, exchange rate, symbol and HTML symbol (if applicable) to be used in the invoice forms and all templates across Naviga Ad

The exchange rate is used to calculate the local equivalency for transactions entered in this currency.

When changing this rate it is recommended that you use the system functionality to revalue transactions with an open balance.

The local currency is calculated by dividing the foreign amount by the exchange rate.

Examples:

If $1.00 (US Dollar) = £0.60 (UK pounds) then: If your local currency is US dollars then the exchange rate will be 0.6000 If your local currency is UK Pounds then the exchange rate will be 1.6700

The foreign currency must be setup with a bank which has a remit to address. Naviga Ad uses this Bank's Lockbox address (if any) to display on the Invoices for this currency.

Note: The average rate is only necessary if you have other system instances / databases in different currencies. If so, this rate is used when uploading the G/L from those other databases in to your local G/L.

Enter the G/L Settings which are the codes against which any dealings with the currency will be done against these codes.

The first one is the Exchange G/L Code, for calculating the exchange rate and using this GL code for it, the conversion code for when you run the conversion to the local currency and the AR code for posting to AR purposes. Exchange GL Code is used automatically by the system to record differences in Local values caused by changes in Exchange rates over time. However, it is typically between Billing and Cash Receipt, and will be used on Cash Receipt records and “SC” Journal Entries (changes in posted Cash Receipt records).

For example, an Invoice from 2017-10 is CAN$200/USD$180 but is paid with a 2017-11 Payment that is CAN$200/USD$185. In CAN$, the Invoice is paid off, but the system must record that the USD$5 “overpayment” is an FC Exchange loss.

The Conversion G/L Code is an optional one which is rarely used, and only in the case of importing other databases in foreign currencies combined into one conversion G/L code which in this case would be used when uploading these foreign currencies.

The A/R G/L Code is used for Book clients only. Please refer to the helpdesk for any questions on this field if you are a book customer.