How Do I Set Up the Multicurrency Module?

The following is a checklist for setting up the Multicurrency module.

With Administrative User Rights

1. Change the Activation Code, if necessary, to incorporate Multicurrency (System>Activate License).
2. Add the Multicurrency module, if necessary (Organization>Add a Module).
3. Set up organization preferences, including a Revaluation Entry date (Organization>Organization Preferences).
4. Set up proper security (Security>Set Up Organization Menus).
5. Create gain/loss accounts (Maintain>Chart of Accounts). This includes any General Ledger cash accounts and assigning their currency types.
6. Set up the Multicurrency module options and default gain/loss account codes (Organization>Set Up Modules>Multicurrency).
7. Set up currencies and their formatting (Organization>Currency Setup).
8. Print a report to see a list of all currencies and their settings (Reports>Lists>Currency).
9. Set up vendors and customers and assign their currency (Maintain>Accounts Payable>Vendors and Maintain>Accounts Receivable>Customers).
10. Set a default exchange rate type and create any custom types (Maintain>Multicurrency>Exchange Rate Types).
11. Enter exchange rates for each currency type (Maintain>Multicurrency>Exchange Rates).
12. Print a list of exchange rates, including their types (Reports>Exchange Rates).