System ToolBox : Define currencies

• Select default currency
  
• Define rate types
  
• Define currency tables
  
• Enter currency exchange rates
  

GENERAL LEDGER:

1. Specify Multicurrency Options:
   
   Company Profile: Select to use Multicurrency
   
   • Specify a home currency
     
   • Select a default type
     

   
   

2. Define Revaluation Codes:
   
   Add/Modify/Delete Revaluation Codes
   
   • Assign revaluation codes and descriptions
     
   • Specify whether to revalue balances or net changes
     
   • Specify the source code
     
   • Specify the unrealized Exchange Gain/Loss account
     

   
   

3. Define Multicurrency General Ledger Accounts:
   
   Add/Modify/Delete Accounts
   
   • Specify home currency only or multicurrency account
     
   • Multicurrency Accounts
     
   • Choose to post in only currencies assigned or all
     
   • Assign the currencies to use with the account
     
   • Specify the currencies to be revalued
     
   • Assign revaluation code to each account
     
   • Select default currency code
     

   
   

4. Process Transactions
   
   • Enter transactions in the Add/Modify/Delete Batches .
     
   • Retrieve transactions from subledgers
     
   • Import transactions from non-ACCPAC Plus programs
     
   • Post transactions
     

   
   

5. Revalue Accounts
   
   • Update currency exchange rates
     
   • Post all outstanding batches
     
   • Run the Revalue Function
     
   • Specify the account range and fiscal periods to revalue
     
   • Specify revalue code, date, and exch. rate to use
     
   • Create a batch of revaluation transactions
     
   • Post revaluation transactions
     

ACCOUNTS PAYABLE:

1. Add Accounts To General Ledger
   • Clearing Exchange Gain or Loss
     
   • Unrealized Exchange Gain or Loss
     
   • Realized Exchange Gain or Loss
     
   • Exchange Rounding Error
     

   
   

2. Modify Company Profile To Include New Accounts:
   • Payable Control
     
   • Bank
     
   • Bank Error (If Bank Rec used)
     
   • Clearing Exchange Gain or Loss
     
   • Unrealized Exchange Gain or Loss
     
   • Realized Exchange Gain or Loss
     
   • Exchange Rounding Error

   
   

3. For Each Bank Record:
   
   Specify the currency code and rate type for the bank code
   If Bank reconciliation is used :
   
   • Enter the clearing Exch. Gain Or Loss account code
     
   • Specify the reconciling currency (Home or Bank)
     
   • Specify rate type
     

   
   

4. For Each Control Account Set:
   
   Specify the currency code and rate type for the set
   Enter accounts for
   
   • Payable Control
   • Purchase Discount
   • Retainage Control (if used)
   • Unrealized Exchange Gain or Loss
   • Realized Exchange Gain or Loss
   • Exchange Rounding Error

   
   

5. Assign A Currency To Each Customer (only one per customer)
   
   
6. Run Period End:
   
   • Used to clear residual home-equivalent values

   
   

ACCOUNTS RECEIVABLE:

1. Add Accounts To General Ledger
   • Clearing Exchange Gain or Loss
     
   • Unrealized Exchange Gain or Loss
     
   • Realized Exchange Gain or Loss
     
   • Exchange Rounding Error
     
     
2. Modify Company Profile To
   
   • Have multicurrency option turned on
     
   • Specify the home currency for your AR data
     
   • Choose the default rate type
     

   
   

3. For Each Account Set:
   • Specify the currency code and Default rate type
     
   • Enter the Unrealized exch. Gain Or Loss account code
     
   • Enter the Realized exch. Gain Or Loss account code
     
   • Enter Exch. rounding error account code
     

   
   

4. Assign a Control Account Set To Each Customer (only one per customer)
   
   
5. Process Transactions:
   • Update Currency exchange rates in the Toolbox
   • Enter daily transactions

   
   

6. Revalue Transactions:
   • Post all outstanding batches
     
   • Print Pre-Revaluation Listing
     
   • Perform the Revaluation
     
   • After the revaluation, print the posting journal report
     

   
   

7. Run Period End:
   • Normal Period End
     

ORDER ENTRY:

1. Add Accounts To General Ledger
   
   • Multicurrency Bank, Discount, and Tax
   • Exchange Rounding Error

   
   

2. Modify Company Profile to
   
   • Have multicurrency option turned on
     
   • Specify the home currency for your O/E data - Choose the default rate type
     
   • Enter an O/E Rounding G/L account
     (If you use I/C; turn multicurrency on set home currency)
     

   
   

3. Alternate Price Lists:
   • Enter price list codes
     
   • Create price list: Entering price list code & currency code for each item (If you have I/C, do this in I/C)
     

   
   

4. Assign a Currency & Price List Code To Each Customer
   
   
5. Process Transactions:
   
   • Update Currency exchange rates in the Toolbox
     
   • Enter daily transactions
     

   
   

6. Run End of Day Processing
   • In the normal way
     
     

Presented By: Wayne Wagstaff C.M.A., M.B.A., B.Sc. B.Ed.

K&M Business Solutions Ltd.
(604) 597-7026