The Foreign Exchange Code Addition module provides the facility to enter currency exchange rates to support payment of foreign currency vendors.
NOTE: Appendix AD details the steps which Must be followed to implement foreign exchange.
Foreign Exchange Code
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Enter the FOREX code as set up in the Vendor file (e.g. US or United States).
Effective Date
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Enter the date [YYYYMMDD] that the exchange code is to become effective.
Description
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Enter a description which defines the meaning of the code (up to 30 alpha/numeric characters accepted).
Exchange Rate
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Enter the foreign exchange rate (must be entered as the factor which will convert the specific currency into the Canadian dollar equivalent). (e.g. US transactions require a conversion factor of 1.3752 when the Canadian dollar buys approximately $.74 US. Obtain the proper rates from your local bank for each currency.)
Gain/Loss Account
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Enter the GL account to which you wish to charge any foreign exchange gain/loss.
Field # To Change
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If any information displayed is incorrect, enter the appropriate field number and re-enter the information for that field.
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Press Enter if no changes are required.
Foreign Exchange Code Changes
The Foreign Exchange Code Changes provides the facility to change fields previously entered in the foreign exchange data base.
Note: Only field 3 to 5 may be changed.
Foreign Exchange Code Deletions
The Foreign Exchange Code Deletions provides the facility to delete foreign exchange codes from the database. If the deletion is in error the facility to 'undelete' the record also exists. Enter the effective date you wish to delete.
Delete This Foreign Exchange Code
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Click delete to delete code.
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Click cancel to leave a record in the file.
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Click undelete to undelete the foreign exchange record. This option will reset a foreign exchange code which was deleted in error.
Foreign Exchange Code Inquiry
The Foreign Exchange Code Inquiry provides the facility to inquire on foreign exchange codes. You must enter a valid Effective Date in order to inquire on a foreign exchange code.
Foreign Exchange Code Report
The Foreign Exchange Code Report provides a report listing all rates of exchange that have been entered in the database. The report lists the exchange rate in date order for foreign exchange code.
Foreign Exchange Code Audit
The Foreign Exchange Code Audit allows you to audit changes made to the foreign exchange codes in the database.
Leaving the Foreign Exchange Code field blank will audit all foreign exchange codes.
Note: This report can be exported to Excel.