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Currencies

menu path : [maintenance, currencies, currencies]

Activate currencies

e-Financials supports automatic currency conversion for foreign currency transactions. By default, several ISO currency codes are installed, but are not active. 

To use the currencies, you will have to enable the following currencies:

• All primary currencies used by your divisions.

• The corporate reporting currency. This is the default corporate currency used on management reports.

• Other currencies that are used in the transactions.

• Make sure currency Euro (EUR) is set to active as well

How to activate currencies

• In Financial, go to [Maintenance, Currencies, Currencies]

• Change  the Status to "All" to view all currencies

• Select the desired currency by clicking on the currency code. For example : ADP

• Click on "Edit" button to edit the data

• Check the "Active" box to activate the currency.

• Finally Click "Save" to save the changes.

 

Creating new currencies

If you require currency that is not available in the list of default currencies, e-Financials allows you to create new currency. To create new currency, take the following steps:

• In Financial, go to [Maintenance, Currencies, Currencies]

• Click on "New"

• Fill in the fields accordingly and click "Save".

Fields with the mark are mandatory fields and must be filled.

Explanation of the fields and what it is used for.

 

Fields	Description	Example
General
Currency	Enter the currency code.	MYR
Description	Enter the currency description.	Malaysian Ringgit
Decimals	Enter the currency precision.	2 indicates 2 decimals as in MYR 1.00
Active	Select to active the currency.	check the box
Euro
EMU	Select this field, if the currency is part of the Euro.
Since	Specify the date join of the currency to EMU

 

Exchange Rates

The exchange rates are used to calculate the reporting currency during the importing and validating of financial transactions into e-Financial. You can enter the exchange rates by periods or daily.

To enter exchange rates, take the following steps:

• In Financial, go to [Maintenance, Currencies, Currencies]

• Change the Status to "Active" to view the active currencies

• Select the desired currency.

• In the Exchange rate section, Select either Period or Daily.

• Click on "New"

• Fill in the necessary data and Click "Save".

 Explanation of the fields and what it is used for.

 

Fields	Description	Example
Period
General
Year	Select the financial year.	2001
Period	Select the period.	1
Rates
Average	Enter the weighted average rate of the period.	1 MYR = 0.26300 USD
Closing	Enter the last exchange rate of the last day of the period.	1 MYR = 0.26300 USD
Daily
General
Date	Date of the exchange rate
Rates
Exchange	Enter the exchange rate for the day