How to Setup Multi-Currency

The following steps will guide you through Multi-Currency setup.

1. Setup Currency
   1. Common Info > Activities > Currencies
   2. Add Currencies
   3. 
2. Setup Currency Exchange Rate Type
   1. Common Info > Activities > Currency Exchange Rate Types
   2. Add Currency Exchange Rate Type, ex. Average and Spot
      1. 
   3. Click Save
   4. Click Close
3. Setup Currency Exchange Rates
   1. Common Info > Activities > Currency Exchange Rates
   2. Add and configure currency exchange rates. The From Currency here should always be 1.00. Then you enter the Rate to convert From Currency to To Currency. See examples below.
      1. INR/USD
         
         1. 1. 1 INR = 0.015678 USD
      2. EUR/USD
      3. 
         1. 1. 1 EUR = 1.201435 USD
   3. Click Save
   4. Click Close
4. Setup of Functional Currency and Default Rate Types from Company Configuration
   1. System Manager > Activities > Company Configuration > System Manager > System Manager tab 
   2. In Details tab > Default Values section, 
      1. Set Functional Currency field, ex. USD. This is the home currency.
      2. Set Currency field, ex. 6. This will define the number of decimals to be shown on Forex Rate field.
      3. 
      4. Click Save and Done.
   3. In Multi-Currency tab > Default Rate Types section,
      1. Set Default Rate Types for the following fields. This is used as defaults for Forex Rate Type field when creating foreign currency transaction. 
         1. Accounts Payable, ex. Spot
         2. Cash Management, ex. Spot
         3. Inventory, ex. Spot
         4. Contract, ex. Spot
         5. Accounts Receivable, ex. Spot
         6. General Journal, ex. Spot
         7.