Purpose: Use this screen to define whether the system supports processing orders in multiple currencies.
Yes/No field: Select this field if you want to take orders in more than one currency. The system will support your defining one or more foreign currencies for offers, and restrict each order to only one currency. The system will also track the currency conversion rates for each order at entry and billing, and convert order values to your local currency for tracking demand.
Note: If you select this field, the Use Alternate Currency Pricing (H89) system control value must unselected. See Comparing Alternate Currency Pricing with Multiple Currency by Offer for a comparison.
Leave this field unselected if you accept orders in your local currency only, use alternate currency pricing instead of multiple currency by offer, or do not want to enable multi-currency conversion and tracking.
Selecting this field will have these effects:
Currency of offer. The system will require that you define the currency of each offer. When a customer places an order, the system defaults the offer associated with the source code you enter on the order header to the order detail lines as usual. However, the system searches for an item price only among offers in the same currency. If the item is not available in an offer in that currency, the system displays a message:
Price (.00) cannot be zero for item (AA100).
In addition, the currency code associated with the offer displays on the order header screen in Order Entry, Order Maintenance and standard Order Inquiry.
Conversion of order values. The system converts the order values to your local currency (defined in the Local Currency Code (A55) system control value) when you enter the order (for prepaid orders) and when the order is billed. Order billing history for the customer is stored in your local currency, although the order itself remains on your system in the currency of the offer.
Cash receipts. The system requires that you define an entity and a bank when you enter cash receipts. This information tells the system which division is receiving the cash, which in turn indicates the source code and offer. As a result, the system identifies the currency of the receipts, and makes the necessary conversion to your local currency.
Processing refunds. The system generates refunds in the currency on the order, using the conversion rate currently in effect.
This chart demonstrates the relationships that must be in place for you to implement multi currency in your company.
Setup requirements for each currency:
• Create a shadow entity (Working with Entities (WENT)).
• Assign the shadow entity to the currency (Working with Currency (WCUR)). Note: the shadow entity cannot be associated with a division.
• Select a bank for the currency (Working with Banks (WBNK)).
• Create offer(s) for the currency (Working with Offers (WOFR)).
• Create records of each item/offer or item/SKU/offer (See Assigning Items/SKUs to Offers).
• Create source code(s) for each offer(s) (Working with Offers (WOFR)). The offer and division must both point to the same currency.
• Create each foreign pay type (Working with Pay Types (WPAY)).
• Select the Track Invoice Currency (D68) system control value.
Screen differences: You will notice these differences based on the value in this field:
Menu Option |
If field is selected |
If field is unselected |
Work with Currency (fast path = WCUR) |
Shadow entity appears (required) |
Shadow entity does not appear |
Work with Offers (fast path = WOFR) |
Currency of offer appears (required) Conversion rate appears (display-only) |
Currency of offer and Conversion rate do not appear |
Work with Source Codes (fast path = WSRC) |
Division and Offer must point to the same currency |
No validation |
Work with Banks (fast path = WBNK) |
Currency code appears (required) |
Currency code does not appear |
Enter/Maintain Orders (fast path = OEOM) |
Currency code appears on order header screen after you enter source code |
Currency code does not appear |
standard Order Inquiry (fast path = OIOM) |
Currency code appears on order header |
Currency code does not appear |
Report differences:
• Refund Due List by Order Number (fast path = MRDU): sorts by bank if the system control value is selected (the Refund Due List by Type sorts by bank regardless of how the system control value is set, although the final totals sort by bank only if the system control value is selected)
• Sales Journal (fast path = PDSJ) sorts and totals by currency if the system control value is selected
• Sales Journal by Pay Type (fast path = PSJP) sorts and totals by currency if the system control value is selected
For more information:
• working with entities, divisions, banks, pay types, and currencies, and on how currency fluctuation works: Setting Up the Accounting Tables.
• processing refunds: Processing Refunds (MREF).
• working with offers and source codes: Working with Offers (WOFR).
