Setting Up Currency Codes

Personify supports multiple currencies, although a default currency must be defined at the organization level. The default currency becomes the base currency for the organization's general ledger accounts. The base currency must be defined as part of the organization setup application.

Currency codes are maintained in the App_Currency table. Currency codes are pre-populated in the App_Currency table when Personify is delivered.

Product pricing and cancellation fees are defined by currency. Multiple pricing in different currencies can be defined for a single product. Each transaction captures an actual currency that either matches the base currency (if there is no difference) or captures the foreign currency involved in the transaction. Additionally, each transaction references a currency code that defines the actual currency involved.

Any entry of actual currency that differs from the base currency will immediately populate the base currency. The process of population is based on the current exchange rate between the actual and base currency. The exchange rate is also captured with the transaction. Personify handles timing issues by allowing you to lock in an alternate currency and exchange rate with an order. Additionally, Personify handles profits and losses from exchange rates with a currency correction account at the organization unit level. When using the multi-currency features in Personify, an organization typically subscribes to an exchange rate service to obtain current exchange rates.

Access www.oanda.com for current exchange rate information.

To set up a currency exchange rate:

1.    Select System Admin > System Setup > Currency Setup from the toolbar.

2.    Search for an existing record and select it.
The Currency Exchange Rate Maintenance screen displays, as shown below.

3.    Edit the appropriate information.

4.    To add an exchange rate, click Add Exchange Rate and enter the information in the Exchange Rate Detail section.

5.    Click Save.