Multi-Currency

Overview#

BOS Enterprise allows transactions to be recorded in multiple currencies. Rates of Exchange can be added using up to six decimal points. A setting lets you choose to multiply or divide the exchange rate. (e.g. USD x 17.5 = Local Currency or USD / 0.0571 = Local Currency).

General Settings > Currencies#

Currency Setup#

Currencies Tab#

History Tab#

• Displays a list of exchange rate updates with the changes.

Understanding Currencies in BOS Enterprise#

• Currencies are set for each Customer and Supplier (defaults to the local currency).
• If a customer or supplier is allocated a foreign currency all their transactions must be in that currency.
• If a customer or supplier uses more than one currency, create separate accounts for each currency (e.g. Customer A – ZAR, Custom A – EURO).
• You can override the multiple or divide exchange setting when creating a transaction.
• Bank accounts must be linked to a currency. A context menu option: Change Currency (Enables Currency column for editing) lets you select or edit the currency. (Main Menu > Setup > Accounting > Accounts (tab)). A Warning appears if transactions are linked to the account using the existing currency.
• Separate Transaction Types are required to record bank payments and receipts in the various currencies because a bank account can only be linked to a single currency.
• Separate Transaction Types are not required for customer or supplier invoices. Invoices default to the customer or supplier's currency as set up on their accounts. However, the Transaction Type's setup must allow multiple currencies.

Updating Exchange Rates#

• Exchange rates can be scheduled to automatically update at regular interval using BOS Tools.
• In BOS Enterprise currencies can be manually updated by overtyping the specific exchange rates.

Foreign Currencies and Item Prices#

• If items are used for foreign-currency transactions, they must have a price in that currency.
• On item's Costing & Pricing tabs, prices can be created for each currency.
  • There can be multiple supplier prices.
  • There can only be one cost and sell price per currency and per unit.
  • Cost and Sell Prices in a foreign currency can be linked to supplier prices in any currency.
  • When creating prices, if the RoE Override checkbox is checked, you may override the exchange rate when using the item. (This column may be hidden and can be exposed using the Field Chooser (*) in the first column.)
  • An amount can be entered in the Cost Adj % column to provide for costs such as currency fluctuations, shipping and customs clearance fees.

Viewing Reports#