Currencies

Form ID: (CM202000)

On this form, you can view and configure any of the predefined currencies in the system and activate those that you will use.

Form Toolbar

The form toolbar includes only standard buttons. For the list of standard buttons, see Form Toolbar and More Menu.

General Settings Section

In this section, you can view and edit the general information of a currency.


Element	Description
Currency ID	The unique identifier for the currency according to the ISO 4217 standard.
Description	A description of the currency. This alphanumeric string can be up to 60 characters.
Currency Symbol	The currency symbol to be used in reports according to the ISO 4217 standard.
Decimal Precision	The number of digits after the decimal point that are used in arithmetic operations with the currency. The system rounds the currency amounts in operations based on the specified decimal precision. The decimal precision must be selected to allow the use of the smallest subunit of the currency unit. Currency amounts will be rounded in arithmetic operations in accordance with this setting. The value may range from 0 to 4. For example, with the decimal precision set to 2, the system will round 0.678 to 0.68. Important: Do not reduce or increase the decimal precision of a currency, if you have documents in this currency posted in your system. Changing the decimal precision will cause negative consequences, including the inability to process the documents. If you need to configure item prices with a higher precision, instead of changing the precision of the currency, you should increase the precision of the price or cost in the Price/Cost Decimal Places box in the Miscellaneous Settings (Shared) section on the Company Details tab of the Companies (CS101500) form.
Active	A check box that indicates (if selected) that the currency is available for use in MYOB Advanced. For the base currency, this check box is always selected and unavailable for editing.
Use for Accounting	A check box that indicates (if selected) that the currency can be used for financial transactions. When this check box is cleared, all account boxes are disabled for the currency, and the currency can be used only for the entry of expense receipts on the Expense Receipts (EP301010) form. If the Multiple Base Currencies feature is disabled on the Enable/Disable Features (CS100000) form, this check box is always selected for the base currency and is unavailable. If the Multiple Base Currencies feature is enabled on the Enable/Disable Features form, this check box can be selected for any currency that you want to set up as a base currency in the tenant.
Rounding Limit	The maximum difference allowed between the rounded document amount and the original document amount; documents that exceed this limit may not be released. The limit is defined in the base currency and may have 0.00 or a positive value. For details, see Multicurrency Functionality: Currency Rounding Rules.

GL Accounts Tab

On this tab, you specify the accounts and subaccounts (if applicable) for recording gain and loss amounts resulting from operations with the currency.

Table 1. Realized Gain and Loss Accounts SectionRealized gains and losses that result from fluctuations in foreign currency rates are calculated and posted to the accounts and subaccounts specified in this section.
Note: The subaccounts that will actually be used for recording realized gains and losses are generated according to the rule specified in the Combine Gain/Loss Sub. From box on the Currency Management Preferences (CM101000) form.
Element	Description
Realized Gain Account	The account to accumulate the realized gains. Its balance is updated on every payment document entered in the system that shows a gain in the base currency. A gain is recorded if the exchange rate on the date of payment is greater than that on the date of the document.
Realized Gain Subaccount	The subaccount to be used, along with the specified account, to accumulate the realized gains. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features (CS100000) form.
Realized Loss Account	The account to accumulate the realized losses. Its balance is updated on every payment document entered in the system that shows a loss in the base currency. A loss is recorded if the exchange rate on the date of payment is less than that on the date of the document.
Realized Loss Subaccount	The subaccount to be used, along with the specified account, to accumulate the realized losses. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.

Table 2. Unrealized Gain and Loss Accounts Section
When the system revalues the accounts payable, it calculates unrealized gains and losses for outstanding accounts payable documents and updates, by default, the vendor's AP account and the gain or loss account. On revaluing the accounts receivable, the system updates, by default, the customer's AR account and one of the unrealized gain or loss accounts specified in this section.

Note: The subaccounts that will be actually used for recording unrealized gains and losses are generated according to the rule specified in the Combine Gain/Loss Sub. From box on the Currency Management Preferences (CM101000) form.

If needed, you can select specific gain and loss accounts and subaccounts to be used for customers of a particular customer class on the Customer Classes (AR201000) form and for vendors of a particular class on the Vendor Classes (AP201000) form. For details, see Revaluation of AP Documents: General Information and Revaluation of AR Documents: General Information.
Element	Description
Unrealized Gain Account	The account to which the unrealized gains from accounts payable and accounts receivable revaluations will be posted.
Unrealized Gain Subaccount	The subaccount to be used, along with the specified account, for the unrealized gains for this currency. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.
Unrealized Loss Account	The account to which the unrealized losses from accounts payable and accounts receivable revaluations will be posted.
Unrealized Loss Subaccount	The subaccount to be used, along with the specified account, for the unrealized losses for this currency. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.

Table 3. Unrealized Gain and Loss Provisioning Accounts SectionThese accounts are used to record gains and losses on revaluations performed in accounts payable and accounts receivable. If these accounts are not specified, the gains and losses will update the vendor's AP accounts and the customer's AR accounts.
Element	Description
AP Provisioning Account	The account to accumulate gains or losses from accounts payable revaluations. If no account is selected, the revaluation gains or losses are recorded to the vendor's AP account.
AP Provisioning Subaccount	The subaccount to be used, along with the specified account, for accounts payable revaluation gains or losses. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.
AR Provisioning Account	The account to accumulate period-to-date accounts receivable revaluation gains or losses. If no account is specified, the revaluation gains or losses update the balances of the AR accounts of customers.
AR Provisioning Subaccount	The subaccount to be used, along with the specified account, for accounts receivable revaluation gains or losses. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.

Table 4. Revaluation Gain and Loss Accounts SectionThe accounts and subaccounts specified here are used for posting gains and losses resulting from revaluations of GL accounts denominated to foreign currencies performed at the period end or on period closing. Revaluation is performed with respect to the base currency.
Element	Description
Revaluation Gain Account	The account to which gains that result from general ledger revaluation will be posted.
Revaluation Gain Subaccount	The subaccount to be used, along with the specified account, for gains that result from general ledger revaluation. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.
Revaluation Loss Account	The account to which losses resulting from general ledger revaluation will be posted.
Revaluation Loss Subaccount	The subaccount to be used, along with the specified account, for losses that result from general ledger revaluation. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.

Table 5. Translation Gain and Loss Accounts Section
Note: This section is available only if the *Translation of Financial Statements* feature is enabled on the Enable/Disable Features form.

The accounts and subaccounts specified in this section are used to record the gains and losses as a result of translation to the currency.

Note: The subaccounts that will be actually used for recording translation gains and losses are generated according to the rule specified in the Combine Gain/Loss Sub. From box on the Currency Management Preferences form.
Element	Description
Translation Gain Account	The account to which gains resulting from translation will be posted.
Translation Gain Subaccount	The subaccount to be used, along with the specified account, to post gains resulting from translation. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.
Translation Loss Account	The account to which losses resulting from translation will be posted.
Translation Loss Subaccount	The subaccount to be used, along with the specified account, to post losses resulting from translation. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.

Table 6. Rounding Gain and Loss Accounts SectionThe accounts and subaccounts specified in this section accumulate the results of rounding in operations with the currency. If the *Invoice Rounding* feature is enabled on the Enable/Disable Features form, the boxes in this section are required for the base currency and are unavailable for editing for a non-base currency. If the *Invoice Rounding* feature is disabled, the boxes in this section are available and optional for the base currency and are unavailable for editing for a non-base currency. For more information and examples, see Multicurrency Functionality: Currency Rounding Rules.
Note: The subaccounts that will be actually used for recording rounding gains and losses are generated according to the rule specified in the Combine Gain/Loss Sub. From box on the Currency Management Preferences form.
Tax rounding gains and losses are posted to the accounts and subaccounts (if applicable) specified on the Tax Preferences (TX103000) form.
Element	Description
Rounding Gain Account	The account to which gains resulting from rounding will be posted.
Rounding Gain Subaccount	The subaccount to be used, along with the specified account, to post gains resulting from rounding. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.
Rounding Loss Account	The account to which losses that result from rounding will be posted.
Rounding Loss Subaccount	The subaccount to be used, along with the specified account, to post losses resulting from rounding. For each segment, point to the segment and press F3 to open the list of options. This box appears on the form only if the Subaccounts feature is enabled on the Enable/Disable Features form.

Rounding Settings Tab

On this tab, you can specify the rounding settings for the selected currency, which will be used on an invoice or bill with the currency specified. For the currency, you can specify your own rounding settings or select the appropriate check boxes on this tab to direct the system to use the settings specified on the Accounts Receivable Preferences (AR101000) form or the Accounts Payable Preferences (AP101000) form.

Note: This tab appears on the form only if the Invoice Rounding feature is enabled on the Enable/Disable Features (CS100000) form.

Table 7. Accounts Receivable SectionIn this section, you specify the rounding rules for invoices in which this currency is selected.
Element	Description
Use AR Preferences Settings	A check box that indicates (if selected) that the system applies the rounding settings specified on the Accounts Receivable Preferences form. By default, this check box is selected. You clear this check box to specify your own rounding settings for the selected currency.
Rounding Rule for Invoices	The rule, which is one of the following, to be used for rounding the total amount of the invoice in which this currency is selected: Use Currency Precision: To not round the amounts of the currency of the document Nearest: To round each invoice total to the nearest multiple of the smallest unit (which is specified in the Rounding Precision box) Up: To round up each invoice total to the next multiple of the smallest unit (which is specified in the Rounding Precision box) Down: To round down each invoice total to the previous multiple of the smallest unit (which is specified in the Rounding Precision box) This box is available only if the Use AR Preferences Settings check box is cleared.
Rounding Precision	The smallest unit for rounding the invoice amount. Select one of the following options: 0.05: To round each total to a multiple of 0.05 0.1: To round each total to a multiple of 0.1 0.5: To round each total to a multiple of 0.5 1.0: To round the totals to integers 10.0: To round each total to a multiple of 10 100.0: To round each total to a multiple of 100 This box is available only if the Use AR Preferences Settings check box is cleared and if the Use Currency Precision option is not selected in the Rounding Rule for Invoices box.

Table 8. Accounts Payable SectionIn this section, you specify the rounding rules for bills in which this currency is selected.
Element	Description
Use AP Preferences Settings	A check box that indicates (if selected) that the system applies the rounding settings specified on the Accounts Payable Preferences form. By default, this check box is selected. You clear this check box to specify your own rounding settings for the selected currency.
Rounding Rule for Bills	The rule, which is one of the following, to be used for rounding the total amount of the bill: Use Currency Precision: To stop rounding the amounts of the currency of the document Nearest: To round each invoice total to the nearest multiple of the smallest unit (which is specified in the Rounding Precision box) Up: To round up each invoice total to the next multiple of the smallest unit (which is specified in the Rounding Precision box) Down: To round down each invoice total to the previous multiple of the smallest unit (which is specified in the Rounding Precision box) This box is available only if the Use AP Preferences Settings check box is cleared.
Rounding Precision	The smallest unit for rounding the bill amount. Select one of the following options: 0.05: To round each total to a multiple of 0.05 0.1: To round each total to a multiple of 0.1 0.5: To round each total to a multiple of 0.5 1.0: To round the totals to integers 10.0: To round each total to a multiple of 10 100.0: To round each total to a multiple of 100 This box is available only if the Use AP Preferences Settings check box is cleared and if the Use Currency Precision option is not selected in the Rounding Rule for Bills box.