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Multicurrency

Overview

In a global economy, the ability to trade with foreign companies in their native currency is becoming ever more important.  So we have introduced the facility to deal with customers, suppliers and banks in different currencies to your business's main accounting currency ('Base Currency').

You may choose to specify your own customised conversion rates, or use the daily rates provided to Surf Accounts by Yahoo Finance.

Foreign currency transactions will be automatically converted to your base currency, keeping your core accounts correct while dealing with your global partners. 

Set up Multicurrency For Your Business

User Access

To set up multi currency select Settings » General Setup » Users » Currency Gain, select the check boxes to enable multi currency for your business.  The following screen will appear.

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Enable Multi Currency

To enable multi currency for your business select Settings» General Setup » Manage Currency as shown below.

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By selecting the Manage Currency option under the General Setup the following screen will appear. 

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Setting up Currency

Enable Multi-Currency

Select the check box to enable the multi currency option for your business.

 

Select Base Currency

Select the base currency by using the drop down for the first time. Please note, once the base currency is set, it may not be changed.

 

Use Yahoo Finance for Automatic Rates

 

Select the ‘Use Yahoo Finance for Automatic Rates’ to convert the base currency to the required currency in transactions. 

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Please note, if the ‘Use Yahoo Finance for Automatic Rates’ is unchecked, then only system will allow user to enter the conversion date and conversion rate.

Once the base currency is setup for the business it cannot be changed and a confirmation message will appear on the screen.

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Confirmation message appears on the window after setting the base currency  

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Currencies

To add currencies select the option ‘Click here to manage Currencies’, the following screen will appear.

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To add a ‘Currency’ apart from the base currency enter the following information:

Currency Code

Select the currency code by using the drop down. For e.g. if you select the drop down currency option like Euro, Pound Sterling, US Dollar, ZAR (Rand- South African) currency and INR (Indian Rupee) will appear on the screen.

Description

By selecting the currency code the description of the currency will auto populate in the description field. For e.g. by selecting GBP the description ‘Pound Sterling’ will auto populate.

Currency Symbol

Currency symbol will also auto populate once the currency code is set. For e.g. if the currency symbol is set to GBP the currency symbol ‘£’ will auto populate.

Currency Rate and Conversion Rate

To enter the ‘Currency Rate’ select the currency code and select the ‘Rate’ option. The following screen will appear.

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Conversion Date

Select the conversion date by using the calendar.

 

Conversion Rate

Enter the conversion rate of the selected currency. Please note, system will allow you to enter multiple rates against the particular date. For e.g. you can set the conversion rate as ‘X’ on current date and a different rate ‘Y’ can be entered for any other date.

Set up currency for Customer / Supplier in Contact page

We have introduced a new option to define the currency in the ‘Contact’ page for your customer and supplier. Depending on the location of the customer or supplier you can set the currency. For e.g. if your customer is based in UK you can select the currency as ‘GBP’ from the drop down menu of ‘Currency’.

Please note: If customer/supplier has any type of transactions, system will not allow to change the currency.

 

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Setting up currency for products

Surfaccounts will now allow users to enter the rates with multicurrency. Under the product description enter the sales and purchase price as per your business currency.

If you wish to enter different currency apart from the business currency separate currency column will be available as per the multi currency settings. For e.g. if you have set currency like USD, ZAR separate column for the rates will appear to enter the rate both for sales and purchase price.

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Automatic Currency Rates

If the ‘Automatic Currency Rates’ check box is selected the currency will be automatically converted within transactions.

Please note, if ‘Automatic Currency Rates’ is checked the sales and purchase price for multi currencies will not appear in the ‘Product Browse’ even though multi currency is active.

The sales/purchase price will be multiplied by conversion rate of transaction date.

For details see the below:  

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Multicurrency in Quotes and Orders

While creating quotes/ orders by using multicurrency feature the currency symbol will appear in the window beside the customer name for sales quote or order.

For details see below:

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Please note, if your business (base) currency is same as your customer / supplier currency there will be no symbol of currency and there will be no conversion rate box, as it is not applicable because currency remains the same.

For details see below  

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Product Lookup and Conversion rate change

While generating invoices you can select the product price and can also apply the conversion rate. Conversion rate will be calculated as per the set up.

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Multicurrency in Detail Invoice / Detail Credit Note

While raising the invoice by using multicurrency feature the currency symbol will appear in the transaction browse beside the customer name for sales and purchase invoice.

For details see below:  

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Please note, if the business (base) currency is same as the customer / suppler currency then no currency symbol will appear and there will be no conversion rate.

For details see below:

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Multicurrency in Quick Invoice / Credit Note

For quick invoice if the customer / supplier currency is different from the business (Base) currency then a button will appear as ‘Currency Rates’ as shown below.

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By selecting the ‘Currency Rates’ the ‘Conversion Rate’ pop up will appear on the browse.

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Conversion Rates:

Foreign Currency Amount

The gross amount i.e. (Net+ VAT) amount will appear in this field.

Conversion Rate

The conversion rate will be automatically populated depending on the transaction date. Please note, ‘Use Yahoo Finance for Automatic Rates’ should be enabled for the business. If you wish to edit the conversion rate system will allow to edit it.

 

Converted Amount

Conversion amount will be the multiplied value of the ‘Foreign Currency Amount’ and ‘Conversion Rate’.

Please Note: 1 Add calculate option in ‘Conversion Rate’ pop up. Use the ‘Calculate’ radio button. 

                      2. If split the amount, ‘Foreign Currency Amount’ and ‘Converted amount’ are not editable and calculate option is disabled.

 

 

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