Master Records > Currency Code > Set Up or Activate Currency Code

The Currency Code Maintenance function allows you to set up new currency code records. This function also allows you to set to active status currency codes that already exists in the system.

To set up a currency code record, perform the following steps:

1.Access the Currency Code Maintenance function from the Currency group under the Maintenance main menu. The Search grid is automatically displayed when this function is accessed showing all the currency codes available in AccountMate Enterprise including pre-defined and user-defined codes.

Note: Pre-defined currency codes are based on the circulating monetary currencies around the world and are set to "Inactive" by default.

2.To activate a pre-defined currency code, locate from the Inactive group the currency code you want to activate; then, double-click on the selected code and proceed to Step #4 below. To create a new user-defined currency code, click the New button.

3.In the Currency Code field, enter a maximum of 3 alphanumeric currency code numbers.

Note: Each currency code must be unique. For example, you might set up "USD" for US Dollars or "AU$" for Australian Dollars.

4.Enter in the Symbol field any value that represents the symbol that you want to display together with any amount using this currency. If activating a pre-defined currency code, you may accept or amend the default value in this field.

Note: It is helpful if each symbol is unique. For example, you might want to use "EU$" for Euro, "AU$" for Australian Dollar and "US$" for United States Dollar.

5.Click the List box in the Status field to select the status of the currency code record, either "Active" or "Inactive".

6.In the Description field, enter a brief description of the currency code. The description that you enter in this field should best represent the currency code that you are creating. For example, you might enter "US Dollars" or "Australian Dollars." If activating a pre-defined currency code, you may accept or amend the default value in this field.

7.Set up the GL Account IDs where currency exchange gains and/or losses will be posted. For pre-defined currency codes, you may accept or amend the default values on the following fields:

oRealized Gain Loss Account

Click the List box button in this field to select the GL Account ID to which AccountMate will post any realized foreign exchange gains and/or losses resulting from multi-currency transactions.

oUnrealized Gain Loss Account

Click the List box button in this field to select the GL Account ID to which AccountMate will post any unrealized foreign exchange gains and/or losses resulting from multi-currency transactions.

8.When you are ready, click the Save button in the function toolbar to save your entries and/or settings; otherwise, click the Cancel button.

Set Up or Activate Currency Code

Set Up or Activate Currency Code

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