Multi-currency handling

How Accountability handles multi-currency transactions

Establishing Currencies

When a new Company is established within Accountability, its Company Home Currency is created. The Company currency is the default for all transactions for this Company, unless overridden by an Office Home Currency, Client Currency or at the point of creating a transaction, and will be the currency used for consolidation purposes.

How to Create a New Currency

1. Under the Setup Files menu select Currencies
2. Click on New Currency
3. Type in a Currency Code to signify the New Currency - in this example EUR
4. Enter the New Currency Name eg Euro
5. If the New Currency is denominated in decimals check the Decimals? box, if not leave unchecked.
6. Enter the Exchange Rate to the Company Home Currency signifying the value of the New Currency to one unit of the Company Home Currency. (In this example the rate has been created at 1.25, meaning 1.25 EUR Euro is equivalent one GBP Great British Pound Company Home Currency).
7. The system will automatically calculate the reverse exchange rate, being the         reciprocal rate ie the equivalent rate for one unit of the New Currency relative to the Company Home Currency. In this example 0.8  meaning 1 EUR is equivalent to 0.8 GBP. 
8. Check the Active box to signify that the rate is active.
9. Click on Save  button 

Defining an Office Home Currency

When creating a new Office (reporting entity/legal entity) you must specify its Currency (Office Home Currency). This will be the default currency used for all transactions for this Office, unless overridden by a Client Currency or at the point of creating a transaction.

The Office Home Currency is the accounting Currency for this office – all system Journals created for the Office will be created in this Currency, and by default all major system reports for the Office will be calculated and displayed in that Currency.

1. To change an Office Home Currency go to Setup Files menu and select Offices
2. On the Search Offices screen, select the office code hyperlink for the office you want to edit.
   
3. Select the Currency from the drop down list of currencies established in the system. 

Defining a Client Currency

The default currency for a client (Client Currency) will be set to the Office Home currency of the selected office during client setup.

However, you can change this setting if you need to invoice the client in a different currency than the Office Home currency.

To change the Client Currency, follow these steps:

1. Navigate to Master Files > Clients
2. On the Search Clients Page, select the Client Code Hyperlink
3. On the Client page located the Default Currency option and use the drop down menu to select the desired currency
4. Click on the Save

This update ensures that all estimates and invoices for the client will be generated in the selected Client Currency unless a different currency is specified during the creation of a transaction. Similarly, any billable rates established for this client will default to the Client Currency unless overridden during a transaction.

Creating an Estimate in a different currency

1. Create Estimate Header  and click “Save”
2. On the top right hand side, Click on the hyperlink for Currency
3. Use the drop down menu under Estimate Currency and select the currency you would like to use.
4. Click Save
5. On the top right hand side of the screen you will see the estimate currency with an asterisk
6. The estimate will be created in the selected currency and when you invoice this estimate the invoice will be produced in the selected currency.