Multi Currency / Company Currencies Setup

1.0. Currency Company Setup

Company Setup

STEPS:

1. Click SETUP activity
   
2. Click COMPANY DETAILS
   
3. Click COMPANY module
   
4. Click EDIT
   This is to edit the company information
5. 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.
6. Exchange Gain/(Loss) Account
   
7. 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.
   
8. GST Currency
   This is the currency that is dictated by the tax authority. In our case IRAS uses SGD.

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Type of Currencies

STEPS:

1. Transaction Currency
   This is the currency you use for business transaction with your customers.
2. 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.
3. GST Currency or Local Currency
   This is the currency that is dictated by the tax authority. In our case IRAS uses SGD.