Currency Maintenance

Exploring

This program lets you capture and maintain details of currency exchange rates required when processing foreign currency transactions in SYSPRO.

Things you can do in this program include:

  • Add a currency

  • Maintain currency details

  • Delete a currency

This program is accessed from the Program List of the SYSPRO menu:

  • SYSPRO Ribbon bar > Setup > General Setup > Currencies

This program is accessed from the SYSPRO Ribbon bar:

  • SYSPRO Ribbon bar > Setup > General Setup > Currencies

This program is also accessible via the Accounts Receivable, Accounts Payable, Purchase Orders and Sales Orders modules.

A currency refers to the monetary unit in which a country processes financial transactions. It enables you to conduct business with foreign currency customers or suppliers by converting values to the local currency equivalent.

You maintain currencies using the Currency Maintenance program.

Currency exchange rates are used to convert foreign currency transactions (entered in the Accounts Receivable, Accounts Payable, Sales Orders and Purchase Orders modules) to your local currency equivalent. The applicable exchange rate is established by matching the currency code used in the transaction to the code defined in a currency exchange rate table.

This is the currency captured against the customer (i.e. the customer's local currency).

International customers located in a foreign country will use a foreign currency. These foreign currencies are converted using the currency exchange rate as at the date and time of the transaction.

Starting

You can restrict operator access to programs by assigning them to groups and applying access control against the group (configured using the Operator Groups program).

The following configuration options in SYSPRO may affect processing within this program or feature, including whether certain fields and options are accessible.

The Setup Options program lets you configure how SYSPRO behaves across all modules. These settings can affect processing within this program.

Setup Options > Preferences > Financials > Accounts Payable

  • Amendment journals required

Setup Options > Preferences > Financials > Accounts Receivable

  • Amendment journals required

Setup Options > Tax > Company Tax Options

  • EC VAT system required

Setup Options > Company > Options

  • Triangulation required

  • You can print a report of currencies added, deleted or changed using the Currency Amendment Journal if you enabled the Amendment journals required setup option for either one of the following modules:

    • Accounts Payable (Setup Options > Preferences > Financials > Accounts Payable)
    • Accounts Receivable (Setup Options > Preferences > Financials > Accounts Receivable)

Your selection at this setup option applies to this program even if this program is accessed through the Cash Book and Administration systems.

  • You cannot edit or maintain the local currency for your system.

Solving

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Using

  • Fields on a pane are sometimes removed by default. You can reinstate them using the Field Selector option from the context-sensitive menu (displayed by right-clicking any field in the pane). Select and drag the required fields onto the pane.

    The captions for fields are also sometimes hidden. You can select the Show Captions option from the context-sensitive menu to see a list of them. Click on the relevant caption to reinstate it to the form.

    If the Show Captions option is grayed out, it means no captions are hidden for that form.

  • Press Ctrl+F1 within a listview or form to view a complete list of functions available.

You would typically follow this procedure to ensure that changes made to currency information recorded on your system are monitored:

  1. From the Setup Options program , select the relevant option at the Amendment journals required setup option (Setup Options > Preferences > Financials > Assets).

    Select Yes to monitor and retain information on changes made to currency information held on file.

    Select Yes, including additions to monitor and retain information on changes made to currency information as well as details on the addition of new currencies registered onto your system.

  2. Save your changes and exit.
  3. Ensure you log out of SYSPRO in order for the changes to take effect.
  1. Select New from the menu

  2. Enter a unique code of the currency you would like to register on your system, using the Currency entry field in the toolbar

    For example:

    The currency code for Japanese Yen may be referred to as JPY. The currency code for Dollar may be referred to as $.

  3. Enter the currency exchange rate details

  4. Select Save when you are complete

  1. Enter or select the code associated with the currency you would like to make changes to
  2. Update the relevant details

  3. Select Save when you are complete

  1. Enter or select the code associated with the currency you would like to delete by using the Currency entry field in the toolbar.
  2. Select Delete
  3. Confirm the deletion

You cannot delete a currency if it is defined as:

  • Your local currency
  • An alternative currency in the General Ledger
  • An intermediate currency for currency triangulation

SYSPRO does not verify whether the currency code you want to delete is defined against any suppliers in the Suppliers program.

If you delete a currency code that is used against a supplier, then you will be unable to process any transactions against that supplier until you add the currency code back.

Referencing

This saves your entries.

This saves your entries and closes the current window or program.

This closes the current window or program.

This lets you register a new currency onto your system.

This deletes the currency indicated in the Currency field.

You cannot delete a currency if it is defined as:

  • Your local currency
  • An alternative currency in the General Ledger
  • An intermediate currency for currency triangulation

SYSPRO does not verify whether the currency code you want to delete is defined against any suppliers in the Suppliers program (Program List > Accounts Payable > Setup).

If you delete a currency code that is used against a supplier, then you will be unable to process any transactions against that supplier until you add the currency code back.

This indicates the code associated with the currency you would like to add or maintain. You can enter this field or select an existing currency by browsing for its designated code using the Browse on Currencies program.

For example:

The currency code for Japanese Yen may be referred to as JPY. The currency code for Dollar may be referred to as $.

This field is limited to three characters.

This indicates the code associated with the currency you are currently adding or maintaining.

This field is populated with the entry or selection made in the Currency entry field in the toolbar and therefore cannot be changed.

This indicates the name of the currency associated with the Currency code. This assists you in verifying that the correct currency has been entered.

This indicates whether to set the selling exchange rate as equal to the buying exchange rate (i.e. both rates are fixed at the rate entered for the Buying exchange rate).

You typically select this option if you negotiated a fixed rate with your financial institution (i.e. you hedged against an exchange rate change for this currency).

These options will be disabled if the Dated exchange rates required option is set to Not required in the Setup Options program.

This indicates what the dated exchange rate is based on. The following options are available:

  • Specific date: Capture a single rate or multiple rates for a single date.

  • Date series: Capture a single exchange rate for a specific date. The date is matched according to the position of the transaction within a series of dates.

    This will be enabled by default.

    A date series rate will remain effective for as long as no future series date bucket exists.

This indicates the tolerance permitted from the last exchange rate captured to the next one. The following options are available:

Not required: This is enabled by default.

Percentage: Indicate the tolerance as a percentage.

Value: Indicate the tolerance as a specific value.

This indicates the percentage or value permitted when capturing new exchange rates.

Select the Maintain hyperlink to open the Dated Exchange Rates Maintenance program and maintain dated exchange rates.

You will first be prompted to save information to the existing TblCurrency table.

The buying exchange rates are used to convert foreign currency transactions processed in the following modules:

  • Accounts Payable
  • Purchase Orders

This indicates whether it is required to Multiply or Divide the foreign currency by the exchange rate to determine the local currency equivalent.

This indicates the rate to use to convert transactions entered in this currency into the local currency.

This displays the conversion for one unit of the currency in comparison with your system's local currency, enabling you to confirm your entries.

This field is purely for informational and verification purposes and therefore is disabled.

The selling exchange rates are used to convert foreign currency transactions processed in the following modules:

  • Accounts Receivable
  • Sales Orders

This indicates whether it is required to Multiply or Divide the foreign currency by the exchange rate to determine the local currency equivalent.

This indicates the rate to use to convert transactions entered in this currency into the local currency.

This displays the conversion for one unit of the currency in comparison with your system's local currency, enabling you to confirm your entries.

This field is purely for informational and verification purposes and therefore is disabled.

This section defines the EC Dispatch exchange rates for the currency.

The local values printed on the following reports are calculated using an EC Declaration Exchange rate which differs from the normal exchange rate used for posting transactions:

  • Aggregate Sales Listing: produced by the Sales Tax EU report (Program List > Sales Analysis > Reports)
  • Supplementary Declaration: produced by the EC Declaration of Arrivals report (Program List > Purchase Orders > Reports)

This section is only applies if the EC VAT system required setup option is enabled.

EC Declaration Rates must be defined if you intend raising purchase orders and/or sales orders for EC member states. If you do not define these rates, then incorrect local values are printed on the above reports.

This indicates whether it is required to Multiply or Divide the foreign currency by the exchange rate to determine the local currency equivalent.

This indicates the rate to use to convert transactions entered in this currency into the local currency.

This displays the conversion for one unit of the currency in comparison with your system's local currency, enabling you to confirm your entries.

This field is purely for informational and verification purposes and therefore is disabled.

This section defines the EC Dispatch exchange rates for the currency.

The local values printed on the following reports are calculated using an EC Declaration Exchange rate which differs from the normal exchange rate used for posting transactions:

  • Aggregate Sales Listing: produced by the Sales Tax EU report (Program List > Sales Analysis > Reports)
  • Supplementary Declaration: produced by the EC Declaration of Arrivals report (Program List > Purchase Orders > Reports)

This section is only applies if the EC VAT system required setup option is enabled.

EC Declaration Rates must be defined if you intend raising purchase orders and/or sales orders for EC member states. If you do not define these rates, then incorrect local values are printed on the above reports.

This indicates whether it is required to Multiply or Divide the foreign currency by the exchange rate to determine the local currency equivalent.

This indicates the rate to use to convert transactions entered in this currency into the local currency.

This displays the conversion for one unit of the currency in comparison with your system's local currency, enabling you to confirm your entries.

This field is purely for informational and verification purposes and therefore is disabled.

This section is only available if your Triangulation required setup option is enabled.

This indicates that it is required to convert from one currency to another currency via an intermediate currency (to conform with European Monetary Union regulations).

This indicates the intermediate currency that must be used to convert from one currency to another.

This field is only enabled if the Triangulation options required option is ticked.

This indicates the amount of rounding allowed when converting.

This field is only enabled if the Triangulation options required option is ticked.

This displays the local currency of your system.