How to Create a New Currency

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.

Steps: 

1. Under the Setup Files menu select Currencies/New Currency.
2. Type in a Currency Code to signify the New Currency - in this example EUR.
3. Enter the New Currency Name eg Euro.
4. If the New Currency is denominated in decimals check the Decimals box, if not leave unchecked.
5. 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).

1. 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. 
2. Check the Active box to signify that the rate is active.
3. Click on “Save and Close” button