Multi Currency / Company Currencies Setup

Multi Currency / Company Currencies Setup

Company Setup



Info
Location
> Setup Activity > Company

Info
Action
> Click SETUP activity
> Click COMPANY DETAILS
> Click COMPANY module
> Click EDIT
This is to edit the company information
> Accounting Currency
This is the base currency that the accounting General Ledger is work on. Unless you have special approval from the authority, it should be in Singapore Dollars.
> Exchange Gain/(Loss) Account
EXP1200 Exchange (Gain)/Loss is the default expense account. The system will automatically calculate the difference in exchange values of the transaction and adjust it to this account. Unless necessary, you do not need to change this default account.
> GST Currency
This is the currency that is dictated by the tax authority. In our case IRAS uses SGD.

Type of Currencies

Info
Action
> Transaction Currency
This is the currency you use for business transaction with your customers.
> Accounting Currency
This is the base currency the accounting system converts all the transactions currencies into. This will be the currency that is use for your General Ledger and financial reports like Profit & Loss Statement and Balance Sheet.
> GST Currency or Local Currency
This is the currency that is dictated by the tax authority. In our case IRAS uses SGD.

    • Related Articles

    • Multi Currency / Exchange Gain or Loss

      Realised Exchange Gains or Loss Accounting for foreign currency transactions has two parts. The first part is recording the original transactions. The second part is recording when you pays or receives the money in a foreign currency. Base on the ...

    • Setup/ Setting Up Company

      Entering Company Information Location Setup Activity> Company Action > Click SETUP activity > Click COMPANY DETAILS > Click COMPANY module > Click EDIT This is to edit the company information > ADDRESS > TEL > FAX > EMAIL > WEBSITE > COMPANY ...

    • Multi Currency / User Screen Setup / Displaying Accounting and Local Multi Currency

      Displaying Accounting and Local Multi Currency at Module Location > Sales Activity > Invoice Action > Click SALES activity > Click INVOICE module > Click NEW This is to edit the company information > Move mouse to detail header > Right-Click Select > ...

    • Multi Currency / Accounts Receivable

      Issue an Invoice in Foreign Multi Currency When Rates are not available Type > Sales Invoice Action > Click SALES activity > Click INVOICE module > Click NEW > DATE select 15 Dec 11 > CUSTOMER create & select EveryDay Customer Pte Ltd > CURRENCY ...

    • Multi Currency / Multi Currency Exchange Rate Table

      Different Ways of entering Exchange Rates Type > Method 1 Action > DATE FROM enter 1 Jan 12 > DATE TO enter 31 Jan 2012 Effective date range > EXCHANGE RATE enter 0.015397 To enter an exchange rate of 1 JPY = 0.015397 SGD > MULTIPLY select 1 > ...