The Currency Master is a storage for the records of the different currencies that you might need for your business. It allows you to make transactions in multiple currencies.Using this module, you to record the exchange rates of different currencies w.r.t the Base Currency, on a daily basis.
Prerequisites
- The users' role must have access to the Currency feature in Admin - Finance - Chart of Accounts through Roles in Ginesys Web - Admin - Security with privileges to Add and Modify entries.
- The Name, Short Code, Symbol and Exchange rate of the currency must be known.
Step-by-step guide
Go to Admin > Finance > Chart of Accounts > Currency and the Add button in the Currency master grid view allows the inclusion of new currencies as and when required. On clicking the button, the Currency window opens up to include all relevant details of a currency. The new record can then be saved and reflected in the master.
In the Currency window, there are two (2) tabs-
They are:
Currency tab
This fields allows you to fill in the basic details about the currency like its name, short code etc.
Field Name | Description |
|---|---|
| Name | Enter the Currency Name here. For Example: Rupees, Dollars, etc. This is a mandatory field. |
| Short Code | Enter the Short Code used for the Currency. For Example: USD for Dollars. This is a mandatory field. |
| Decimal Symbol | Enter the Decimal Symbol here. For example, in case of Rupees the decimal is called 'paisa' and its symbol is 'p'. |
| Symbol | Enter the Symbol of Currency which is widely used, instead of the Name. For Example: $ for Dollars. This is a mandatory field. |
| This is the Base Currency (Checkbox) | This checkbox alows you to allocate Base Currency. In general, Rupees is considered as Base Currency. This checkbox remains disabled once a currency has been designated as the Base Currency. |
Exchange Rates tab
This tab allows you to add the add and modify the exchange rates with respect to the Base Currency.
Field Name | Description |
|---|---|
| Effective Date | This field displays the Effective Date from which the Effective Rate of the Currency is applicable w.r.t. Indian rupees. |
| Exchange Rate | This field displays the Exchange Rate on the effective date specified for this Currency in terms of rupees. For Example: the Exchange Rate of Dollar on Effective Date 19.07.2017 is Rs.64.30/- for $1. |
| Add Rate (Button) | This button allows you to add the latest exchange rate of the currency w.r.t Indian rupee. |
| Edit Rate (Button) | This button remains enabled after adding the rate. It allows you to edit the exchange rate. |
How to add a new Currency?
- Click on the Add button. The Currency window appears.
- Fill in the all the details, especially those marked as mandatory.
- Now go to the Exchange Rates tab and click on the Add Rate button.
The Add button opens the Exchange Rate window. Fill in the Effective Date and Exchange Rate fields and click on OK.
The Effective Date field, by default, picks the current date but it can also be altered as required.
The exchange rate will be added in the grid.
Note: The Edit Rate button gets enabled after selecting a rate.
Then click on the Save & Close button. The currency will be added to the Currency master.
To modify currency, simply double click on the desired currency. It will open the Currency window.
To edit the information in the Currency tab, simply delete the wrong information and write the correct information.
To edit Exchange rates, of an existing date, you can simply type the value in the Exchange Rate field.
The Effective Date once saved, cannot be edited.
But to add a new rate (of a different date), you have to use the Add Rate button.
To go back to the main page click on How To: Manage Chart of Accounts in Ginesys HO Admin
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