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MULTI-CURRENCY



TERM:

HOME CURRENCY: functional or base currency (Canadian)

SOURCE CURRENCY: currency of transaction ( foreign or Canadian)


SYSTEM TOOLBOX:

  1. Define Currency Information (one set for all companies)

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

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