Define Currency Codes

Here you define which base currency to use as reference currency and which currency codes should be available for currency translation.

You can define features such as:

  • Which currency code should be the base currency code, i.e. the currency that all other currencies relate to.
  • Which method should be used for currency translations, multiplication or division.
  • The currencies that should be active in the system, for example, open for the registration of currency rates, as well as enabling the currency codes you want to use at the currency translation.
  • The number of decimal places you want an amount in the current currency to be stored with. You can define 0, 1, 2 or 3 decimals. The values can either have been entered in or currency converted to that currency. The number of decimals to use when storing amounts on statistical accounts is defined in Define Account Structure. It is only possible to define decimals for statistical accounts that are not main connected. The number of decimals shown in standard reports is defined in Personal Defaults.

Before you begin

The currency that you want to use as the base currency must be inactive.

You determine the base currency when you implement IBM® Controller. Should you for any reason need to change the base currency later, you must be aware of the fact that currency relationships set up using an earlier base currency cannot be converted to a new base currency.

If the currency code that you are looking for is not there, you must define it. When you install Controller, there are already a number of pre-defined currency codes. You can add other currency codes to the list. Controller uses the abbreviations used by banks for predefined currency codes.

Procedure

  1. On the Maintain menu, click Configuration/Define/Currency Codes. The Define Currency Codes window opens.
  2. In the Base Currency text box, enter the currency code you want to use as base for all currency entries.
  3. Select the relevant number of decimals to store entered or currency converted amounts with:
    • 0
    • 1
    • 2
    • 3
  4. Select the relevant method to use for each currency rate during currency translation of local currencies:
    • Multiply
    • Divide
  5. Select the appropriate check boxes for the currency codes to use. The selected currency codes will be possible to use for data entry as well as for currency translation.
  6. To add another currency code, click the Insert button. A new row is added at the bottom of the list.
  7. Enter the new currency code in the Currency Code column.
  8. To enable the currency code for data entry as well as the currency code for use at currency translation, activate the currency code by selecting the Active check box.
  9. In the Unit column, enter the amount by which to quote the currency rate. If the currency rate is 0,015 with unit 1, you can use unit 100 and enter the rate as 1,5.
  10. In the No of Decimals column, enter the number of decimals to store values in that currency in. You can define 0, 1, 2 or 3 decimals.
  11. Click Save.

Results

  • Once the installation of Controller is completed, you should not change the base currency, since this affects all currency rates entered in the currency register. Should you for any reason need to change the base currency later, you must be aware that currency relationships set up using an earlier base currency cannot be converted to a new base currency. Steps 2 -4 above are normally only performed when the system is installed.
  • You cannot enter a base currency that is active in the list of currency codes.
  • To export currency codes, use the Export Structure function.