Multi Currency / Multi Currency Exchange Rate Table

4.0. Currency Exchange Rate Table

Different Ways of entering Exchange Rates




Alert
STEPS:
  1. DATE FROM enter 1 Jan 12
  2. DATE TO enter 31 Jan 2012
  3. ​Effective date range
  4. EXCHANGE RATE enter 0.015397
  5. To enter an exchange rate of 1 JPY = 0.015397 SGD
  6. MULTIPLY select 1
  7. DIVISION click Un-Tick
  8. By default enter 1



Alert
STEPS:
  1. DATE FROM enter 1 Jan 12
  2. DATE TO enter 29 Feb 2012
  3. Effective date range
  4. EXCHANGE RATE enter 0.015397
    To enter an exchange rate of 1,000 JPY = 15.397 SGD
  5. MULTIPLY select 1,000
  6. DIVISION click Un-Tick
    15.397 divide by 1,000 = 0.015397

Maintaining Exchange Rate Consistency

To consistently use a periodical exchange rate for a specific currency, it is recommended that you update the rate table every 1st day of period – range, month or quarter.
Depending on your company management policy, here is an example of using single exchange rate for the entire quarter.



Alert
STEPS:
  1. Click SETUP activity
  2. Click ACCOUNTS
  3. Click CURRENCY module
  4. Select USD
  5. Click EDIT
At Table:
  1. DATE FROM select 1 Jan 12
  2. DATE FROM select 31 Mar 12
  3. EXCHANGE RATE enter 1.288
  4. In this example, system exchange rate of 1.288 for the entire quarter.
  5. Click UPDATE
  6. Close module

Info
Important Note:
Exchange Table Rates only for system reference, at the point of issuing the document. The Exchange Rate is locked-in at the point of transaction, say issuing a document (e.g. invoice). Changing the Exchange Table Rates will NOT affect past transactional Documents’ rates.

    • Related Articles

    • 3.0. Currency Registration

      Understanding Multi Currency Registration STEPS: Click SETUP activity Click ACCOUNTS Click CURRENCY module Click NEW CODE Unique Code ISO CODE This code is mainly use for IAF data generation Name Currency Name use in Amount in words translation ...

    • 7.0. Accounts Receivable in Foreign Multi Currency

      Issue an Invoice in Foreign Multi Currency When Rates are not available STEPS: Click SALES activity Click INVOICE module Click NEW DATE select 15 Dec 11 CUSTOMER create & select EveryDay Customer Pte Ltd CURRENCY select USD EXCH. RATE Notice the ...

    • 6.0. 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 ...

    • 1.0. Currency Company Setup

      Company Setup STEPS: 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 ...

    • 10.0. Multi Currency Report

      Re-Valuing Bank Amount Note that the Local Amounts shown for your Foreign Bank Balance, Balance Sheet, and other reports are calculated based on your document transactions exchange rates. Hence, it should NOT be taken as the current valuation. As ...