Currency Management

OBJECTIVE

The Currency Management function is used to convert amounts in transactions and financial statements, based on a currency.

 

PREREQUISITE

• Chart of Accounts

 

Steps

maestro* > Accounting > Maintenance > Accounting > Currency Management

 

Create a currency

Maestro* saves a history of rate changes so that the rate in effect can be used according to the transaction date.

 

1. Enter the required information:

Field	Description
Code	Currency code.
Standard Code	Standardized code for the currency. NOTE: For example, CAD for the Canadian currency or USD for the U. S. currency.
French Desc	French description of the currency.
English Desc	English description of the currency.
Symbol	Symbol that identifies the currency. NOTE: For example, € for the euro.
Accounts – Receivable	Available values: Exchange Rate Variance account. Subledger Control Accounts receivable. Bank Bank account. Holdback Customer holdback account. Tax on Holdback Tax account for customer holdbacks. Advances Customer advance accounts.
Accounts – Payable	Available values: Exchange Rate Variance account. Subledger Control Accounts payable. Bank Bank account. Holdback Supplier holdback account. Tax on Holdback Tax account for supplier holdbacks. Advances Supplier advance accounts.

Maestro*prioritizes the accounts specified here. If the accounts are not specified, the system uses those in Configuration.

2. Enter the required information in the Detail tab:
3. Current Rate section:

Field	Description
Effective Date	Start of the rate effective date based on transaction posting dates.
Rate	Rate in effect.

The Current year box lets you specify that only rates for the current year should be displayed, if the box is checked.

1. Rates Used on Financial Statements:

Field	Description
Until	Rate used for the entire financial period.
Rate	Applicable rate.

The Current year box lets you specify that only rates for the current year should be displayed, if the box is checked.

4. Click Save.

 

Last modification: November 12, 2024