Set up currency formats

Before you can work with multiple currencies, you must add a currency format and set up general ledger accounts for each currency.

Before you do this, add a general ledger account for gains and losses. Add it to your expense category with a debit class. If the currency has its own cash receipts account, add that as well.

Set up currency formats

1. Open the Country/Currency Formats (CURR) page.

   a. Select Utilities > Company Setup > System > Country/Currency Formats.

   Or

   b. Search for CURR or Country/Currency Formats in the Navigation box and then select Country/Currency Formats.

   The Country/Currency Formats (CURR) page appears.

2. On the Toolbar, click New.

   Or, on the Toolbar, click Copy to copy an existing currency format.

3. In the Country field, enter the country name.

Specify cash account

If the currency has its own cash receipts account, specify the cash account:

1. Click the Cash Account Lookup Reference.

   The Lookup For Cash Account window appears.

2. Select the row that contains the required account, and click Select. Or, double-click the row that contains the required account.

   If you have not set up the currency–cash account combination in the Accounts Payable (CSAP) page, an error message appears and Made2Manage prompts you for confirmation. Click Yes to use the cash account. Click No to cancel.

   If you do not specify a cash account in theCountry/Currency Formats (CURR) page, cash receipts use the cash account specified in the Accounts Receivable (CSAR) page.

Specify Gain/Loss account

If the currency has its own Gain/Loss account, specify the account. If you use multi-currency, you must select a gain/loss account. The gain/loss account is usually an expense account. Made2Manage records gains/losses when you settle transactions.

1. Click the Gain/Loss Account Lookup Reference.

   This account records gains and losses that result from exchanging currency.

   The Lookup For Gain/Loss Account window appears.

2. Select the row that contains the currency’s gain/loss account, and click Select. Or, double-click the row that contains the currency’s gain/loss account.

Set basic currency information in the Currency Information tab

1. In the Currency field, enter the currency name. (For example, Belgian Franc).

2. In the Special Currency Symbol Selector list, select the currency’s symbol.

If the symbol doesn’t appear in the Special Currency Symbol Selector list, enter the symbol in the Currency Symbol field.

3. In the Currency Symbol Position list, select whether to show this country’s Currency Symbol for currency total types, and if so, whether to display it to the left or to the right of the currency amount.

4. In the Decimal Currency field, enter the name of the decimal currency. For example, in the United States it is ‘cents’.

5. In the Decimal Currency Symbol field, enter the decimal currency symbol.

6. Set the date format:

   a. In the Date Display list, select the date format.

   b. Select the Date Separator check box, and enter the character in the adjacent field. For example, enter / or -. This indicates the date separator character.

   c. Select the Century (2021 Vs. 21) check box, to include the century (2004) as opposed to showing only the decade (04).

   d. In the Default Language For Numeric Descriptions list, select the locale for numeric formatting.

Based on the locale selected, the character used as the thousands separator and the decimal separator is determined. In the United States, the thousands separator is a comma (,) while in Germany, it is a period (.). By default, M2M Standard is selected.

Save the changes

1. On the Toolbar, click Save. The changes are saved.

2. Finish setting up a new currency by setting display formats. See Related Topics for more information.