Multi-Curency Setup

Multi-Curency Setup


​ ​


ATTC Multi-Currency Setup

Summary

This document explains the setup and basic use of the multi-currency system.    Including setup of the Multi-Currency Module, GL Setup – GL Defaults and Revalue functionality within EIQ.  NOTE – you must have the G/L Account structure setup for currency and the Accounts must contain the segment for currency.



Multi-Currency Module


Found on the System Setup Tab of EIQ   


Make sure that when you are setting up the Module you have the following.

  1. For Each Currency you should have a  Currency – Spot Rate of 1 to Same Currency
  2. For Each Currency that you are going to be paying using USD $ you will need to create a Foreign to Native relationship    Currency – Spot Rate (at current) to USD
  3. If you will be going the opposite way PO or AP in USD but Paying receiving in foreign you will need to create the USD to Spot Rate to Foreign translation


Example of  Native to Native,  this is the same as CAD to CAD or YEN to YEN etc.  



Translation between YEN to USD Example 




Field Name 

Usage

Currency Code

The currency being Defined

Description 

Name of the Currency Translation

Symbol

The currency Symbol – this is optional

Spot Rate

Should be 1 for Same to Same but the spot rate for the Same to Different  

GL Value

This is plug value for the GL Account 

Native Currency

Typically the Currency that the plant is using

Use Daily Spot Rate Table for Transactions

Should be Checked 

RATE TAB

Not USED!

Updating the Spot Rate


To update the spot rate you will need to be in Multi Currency Module and select the  Foreign to Native that needs to be updated.  (Foreign to Foreign) 


  1. Make sure that Use Daily Spot Rate is Checked 
  2. Enter in the New Spot Rate into the Spot Rate Field 


Viewing the Spot Rate History 







Accounting G/L and System Setup


You need to make sure that you have the following setup for where you will using multi-currency transactions. Note not all types are required if you only Purchase in a foreign currency you will not need all of these. 


  1. Accounts Payable
  2. Accounts Receivable 
  3. Cash  
  4. Contra Accounts for the Above -  Typically named F/X at the end with the currency included in the name.  IE   AP Canadian FX –Note these should be Balance Sheet Accounts 


Account Type Maintenance you will need to have a sub-type group created for each Currency you are working in.  These will hold the Account and the offsetting F/X account 




Note the assigning of the F/X Account to the Sub account Type 


Setting up the Default Account in System Parameters





Spot Rate Examples

Native Currency is US Dollar. You want to convert to Canadian Dollars. The exchange rate is as follows:

1 USD = 1.477 CAD Spot Rate is 1/1.477 =.68

Native Currency is Canadian Dollar. You want to convert to US Dollars. The exchange rate is as follows:

1 CAD =.677 USD Spot Rate is 1/.677 = 1.48

Revalue at Month End 

EIQ has functionality to do a Cost-Revalue, please see the EIQ help file for more information on the use of this functionality.  



Created by Stephen A. Morse 3/29/2018 Page 1 of 1



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