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Currency Setup - Gain/Loss Account Tab

Process to Settle Open A/P and A/R Transactions

Multicurrency Checklists

Currency Setup - Currency Setup Tab

Access this tab with Administrative user rights using Organization>Currency Setup.

Use this form to change formatting for the functional currency and to select gain/loss accounts.

Use this tab to change formatting for the functional currency, such as its currency, decimal, and grouping symbols; and positive and negative format. The Report Decimal Symbol and Report Grouping Symbol assigned here only apply to reports, while the other decimal and grouping symbols (such as the period and comma), found throughout the system, follow the computer's regional settings.

Note: If the Multicurrency module is not installed and setup, only the functional currency (which the Administrator selected using the File>New Organization Wizard - Functional Currency Panel), displays on this tab. Therefore, the Currency Code and Status cannot be changed.

Click the Restore Defaults buttons to reset the currency formatting back to the system default.

If Default is selected as the format (Reports>Forms Designer>OK button>Insert Table>Table Properties>Detail tab; Generic Field Properties>Format tab; Database Field Properties>Format tab; or Text Properties>Format tab), currency fields follow the formatting that was set up on this form.

Activate currencies provided by the system or create custom currencies and set up gain/loss accounts for each currency type. The Gain/Loss Account tab is only available if the Multicurrency module has been installed and added by the Administrator to the organization (Organization>Add a Module).

 

Currency Code: Select a currency code from the drop-down list, such as USD, CAD, EUR, GBP, or MXN.

Status: Specify the status of the Currency Code. When creating a new code, accept the default status A (Active), or select I (Inactive) or D (Discontinued) from the drop-down list. You must select a status of "A" or "I" in order to use the currency with the current organization. Below are valid status entries and their descriptions:

  • Active (A) - Set a code to active when you want to use it throughout the system. Active codes appear on reports.
  • Inactive (I) - Set a code to inactive when you do not want to use it regularly, but you still may need to use it at some point. A warning message appears when you attempt to use an inactive code. The warning message is for notification only; you can still use the code throughout the system. Inactive codes appear on reports.
  • Discontinued (D) - Designate a code as discontinued when you no longer use it. You cannot select a code with a discontinued status; however, discontinued codes appear on reports.

Currency Description: The system displays the default description associated with the currency code, such as US Dollar, Canadian Dollar, Euro, Pound Sterling, or Mexican Peso. However, you can edit this description.

Currency Format

  • Currency Symbol: Select a currency symbol. The Currency Symbol designated here is used throughout the system. However, it is not displayed in any reports or tables. Consequently, there are no currency symbols used in the Report Positive and Report Negative examples. This setting overrides the computer's regional settings.
  • Positive Format, Negative Format: Select a positive and negative format for the currency. The Positive and Negative Format designated here is used throughout the system, including reports. This setting overrides the computer's regional settings.
  • Report Grouping Symbol, Report Decimal Symbol: Select a report grouping and decimal symbol, such as a comma or period. The same symbol cannot be selected for both symbols.

ExamplesPositive, Negative, Report Positive, Report Negative: The system displays examples of the currency as negative and positive numbers. There are two examples depending on where the currency is used. The Report Positive and Report Negative examples are based on the Report Grouping and Report Decimal Symbols indicated above, while the Positive and Negative examples are based on your computer's regional settings (Start>Settings>Control Panel>Regional Options).

  • Use Reports>Lists>Currency to print the data entered on this form.
  • Log out of the MIP Fund Accounting system when making changes to this form.
  • You can set up different currency formatting for each currency type (such as USD or CAD) used in the system.
  • All non-currency numbers follow the computer's regional settings.