Difference between revisions of "How do I set up currency translation?"

Latest revision as of 13:57, 8 July 2024

Summary

The following article explains how to set up an exchange rate so that the system can convert an amount (e.g. the nett price of a stock code) from one currency to your base currency.

Currently, Platinum allows you to print documents in currency and convert figures from one currency to another, but all the accounting is done in your base currency. The exchange rate effective at the date of the transaction is stored but not against the transaction itself.

More Information

The base currency your Platinum system is using is defined in the " Reports & Settings Maintenance Options System Administrator Platinum Settings". This should not be altered once you start using the system.

Setting up an Exchange Rate

Go to " Reports & Settings Maintenance Options System Administrator Add or Edit Currencies".

Your "Base Currency" will be displayed, e.g. 'GBP' - United Kingdom Pounds.
Press <Enter>.
This will bring up a list of currencies such as Euros (EUR), US Dollar (USD) etc.
If the currency you wish to convert from/to is not listed:
- Move down to the bottom of the list to move to the next available line.
- Press <Ctrl+F1> to search for a currency code.
- Press <Enter> to list all available codes.
- Select the relevant code and press <F2>.

If the currency code is not listed, please see this article.

Move to the "Currency/Base" field and enter your exchange rate for that day, e.g. if the exchange rate of GBP to US Dollar is £1 : $1.35 you would enter 1.35 in the "Currency/Base" field.

You can get that day's exchange rates from websites on the internet such as http://www.xe.com/.

Press <Esc> to exit the currency screen. Your changes are saved automatically.

Updating Exchange Rates

How often you choose to update your exchange rates is a choice you will need to make from a business perspective. Whatever you decide you should try and be consistent as to where you find your rates.

Warning: Please update your exchange rates only at the start of the business day before any transactions have been done, otherwise the calculations back to the base currency amount will be compromised.

Go to " Reports & Settings Maintenance Options Update Exchange Rates".

Your "Base Currency" will be displayed, e.g. 'GBP' - United Kingdom Pounds.

Move to the "Currency/Base" field for the currency to update.
Enter the exchange rate, e.g. if the rate of GBP to US Dollar is £1 : $1.37 you would enter '1.37' in the "Currency/Base" field.
Press <Esc> and [Accept].

Applying the Desired Currency to an Account

Go to " Sales Ledger Add or Edit Customers" or " Purchase Ledger Add or Edit Suppliers" and amend the customer or supplier details.

Click on the [Invoicing] tab.
Click into the "Currency" field.
Enter the the code for the currency that you want to apply to that account.

'EUR' = Euros

Use <Ctrl+F1> to search for the code if you are unsure.
Click [Done] and [Accept].

You may also wish to view these articles How do I Deal with Purchases from EU Countries and V.A.T. Reporting? and How to Deal with Sales to EU Countries and V.A.T. Reporting to assist you with overseas accounts.

Converting from One Currency to Another

From any item value in the system, press<Alt+E>.

From a unit price of a stock code, a unit price, a Purchase Ledger Invoice amount etc.

This will bring up the currency converter screen which, as long as the correct currency code has been applied to the given account, will show the amount in the account currency and its corresponding amount in the base currency, e.g. Pounds at the pre-set exchange rate.
If necessary, enter the amount in the account currency to convert this to your base currency.

Please remember all values in Platinum 'must' be converted into your base currency.

Press <F2> to insert the converted figure into the current value field.

@@ Line 1: / Line 1: @@
 == Summary ==
-The following article explains how to set up an exchange rate so that the system can convert an amount (e.g. The nett price of a stock code) from one currency to another.
+The following article explains how to set up an exchange rate so that the system can convert an amount (e.g. the nett price of a stock code) from one currency to your base currency.
-Currently, Platinum allows you to print documents in currency and convert figures from one currency to another, but all the accounting is done in your base currency, and the exchange rate effective at the time of the transaction is not stored.
+Currently, Platinum allows you to print documents in currency and convert figures from one currency to another, but all the accounting is done in your base currency. The exchange rate effective at the date of the transaction is stored but not against the transaction itself.
 == More Information ==
-=== Setting Up the Exchange Rate ===
+The base currency your Platinum system is using is defined in the {{PlatinumSettings}}. This should ''not'' be altered once you start using the system.
-Go to {{PlatinumSettings|Add or Edit Currencies}}.
-* This will come up with a screen asking for a "Base Currency". This is where you enter your "Home" currency, so in our case this would be "GBP" - United Kingdom Pounds and press {{KeyPress|Enter}}.
+== Setting up an Exchange Rate ==
-* This will bring up a list of currencies such as Euros (EUR). Here move the Currency/Base field and enter your exchange rate of that day.
+Go to {{Menu|{{RP}}|Maintenance Options|System Administrator|Add or Edit Currencies}}.
+* Your {{DataPrompt|Base Currency}} will be displayed, e.g. {{DataValue|GBP}} - United Kingdom Pounds.
+* Press {{KeyPress|ENTER}}.
+* This will bring up a list of currencies such as Euros (EUR), US Dollar (USD) etc.
+* If the currency you wish to convert from/to is not listed:
+** Move down to the bottom of the list to move to the next available line.
+** Press {{KeyPress|C-F1}} to search for a currency code.
+** Press {{KeyPress|ENTER}} to list all available codes.
+** Select the relevant code and press {{KeyPress|F2}}.
+{{Note|text=If the currency code is not listed, please see [[How do I add a new currency?|this]] article.}}
-{{Tip|text=You can get that day's exchange rates from websites on the internet such as http://www.xe.com/}}
+* Move to the {{DataPrompt|Currency/Base}} field and enter your exchange rate for that day, e.g. if the exchange rate of GBP to US Dollar is ''£1 : $1.35'' you would enter 1.35 in the {{DataPrompt|Currency/Base}} field.
-=== Applying the Desired Currency ===
+{{Tip|text=You can get that day's exchange rates from websites on the internet such as http://www.xe.com/.}}
+* Press {{KeyPress|ESC}} to exit the currency screen. Your changes are saved automatically.
+=== Updating Exchange Rates ===
+{{Note|text=How often you choose to update your exchange rates is a choice you will need to make from a business perspective. Whatever you decide you should try and be consistent as to where you find your rates.}}
+{{Warning|title=Warning|text=Please update your exchange rates only at the start of the business day '''before''' any transactions have been done, otherwise the calculations back to the base currency amount will be compromised.}}
+Go to {{Menu|{{RP}}|Maintenance Options|Update Exchange Rates}}.
+Your {{DataPrompt|Base Currency}} will be displayed, e.g. {{DataValue|GBP}} - United Kingdom Pounds.
+* Move to the {{DataPrompt|Currency/Base}} field for the currency to update.
+* Enter the exchange rate, e.g. if the rate of GBP to US Dollar is ''£1 : $1.37'' you would enter {{DataValue|1.37}} in the {{DataPrompt|Currency/Base}} field.
+* Press {{KeyPress|ESC}} and {{Button|Accept}}.
+== Applying the Desired Currency to an Account ==
 Go to {{Menu|{{SL}}|Add or Edit Customers}} or {{Menu|{{PL}}|Add or Edit Suppliers}} and amend the customer or supplier details.
-* Click on the {{Tab|Invoicing}} Tab.
+* Click on the {{Tab|Invoicing}} tab.
 * Click into the {{DataPrompt|Currency}} field.
-* Enter the the code for the currency that you want to use.
+* Enter the the code for the currency that you want to apply to that account.
 {{Example|text={{DataValue|EUR}} = Euros}}
-{{Tip|text=Use {{KeyPress|C-F1}} to search for the code if you are unsure.}}
+* Use {{KeyPress|C-F1}} to search for the code if you are unsure.
+* Click {{Button|Done}} and {{Button|Accept}}.
+{{Tip|text=You may also wish to view these articles [[How do I deal with purchases from EU countries and V.A.T. reporting?|How do I Deal with Purchases from EU Countries and V.A.T. Reporting?]] and [[How to deal with sales to EU countries and V.A.T. reporting|How to Deal with Sales to EU Countries and V.A.T. Reporting]] to assist you with overseas accounts.}}
 === Converting from One Currency to Another ===
-* From any item value in the system, press{{KeyPress|A-E}}
+* From any item value in the system, press{{KeyPress|A-E}}.
+{{Example|text=From a unit price of a stock code, a unit price, a {{PL}} Invoice amount etc.}}
-{{Example|text=From a unit price of a stock code.}}
+* This will bring up the currency converter screen which, as long as the correct currency code has been applied to the given account, will show the amount in the account currency and its corresponding amount in the base currency, e.g. Pounds at the pre-set exchange rate.
+* If necessary, enter the amount in the account currency to convert this to your base currency.
-* This will bring up the currency converter screen which, as long as the correct currency code has been applied to the given account will show the amount in for example Euros and its corresponding amount in the base currency e.g. Pounds at the pre-set exchange rate.
+{{Warning|text=Please remember all values in Platinum 'must' be converted into your base currency.}}
-*Press {{KeyPress|F2}} to insert the converted figure into the current value field.
-=== Maintaining your Rates ===
+* Press {{KeyPress|F2}} to insert the converted figure into the current value field.
-Once you have set up the currency with a rate, you can then update that rate as often as you see fit.
-* Go to {{Menu|{{RP}}|Maintenance Options|Update Exchange Rates}}.
-* Your list of currencies for which you have set a rate will be shown.
-* Amend the rates as necessary.
-{{Note|text=You should try and be consistent as to where you find your rates. How often you choose to change them is a choice you will need to make from a business perspective.}}
 == See also ==
-* [[Creating a New Customer/Supplier]]
+* [[Dealing with currency accounting in Platinum?]]
-* [[Dealing with Currency Accounting in Platinum?]]
+* [[How do I view an amount in a different currency?]]
-* [[How do I View an Amount in a Different Currency?]]
+* [[How do I reconcile foreign currency accounts?]]
-* [[How do I Add a New Currency?]]
+* [[How do I add a new currency?]]
-* [[How do I Add a New Country?]]
+* [[How do I add a new country?]]
+* [[Creating a new customer or supplier]]
-{{KB_Tags|exchange, rate, currency, euro, conversion}}
+{{KB_Tags|exchange, rate, currency, euro, conversion, exchange rate, convert, dollar, usd, gbp, eur, foreign, overseas}}
-{{KB_SL}}{{KB_PL}}{{ZN_Admin}} {{Hint}} {{ZN_Accounts}}
+{{How}}{{Hint}}{{KB_PL}}{{KB_SL}}{{ZN_Accounts}}{{ZN_Admin}}

Difference between revisions of "How do I set up currency translation?"

Latest revision as of 13:57, 8 July 2024

Contents

Summary

More Information

Setting up an Exchange Rate

Updating Exchange Rates

Applying the Desired Currency to an Account

Converting from One Currency to Another

See also

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