Maintain Foreign Currency {FCSO-21}

The Debtor, Creditor, Cashbook, Research and Long-term Loans systems can accommodate transactions for foreign currencies. 

In this three (3) panel box option, users can define the types of rates that are valid for each of the abovementioned systems. The Debtor and Cashbook systems can accommodate multiple types of rates.  The types of rates being: 

• Fixed 
• Buy 
• Sell, and
• Normal

Various foreign currency codes can be defined for foreign countries. Users can decide which type of rates applies to each of the currency codes along with the applicable exchange rates. Thus, a foreign currency can have exchange rates for each of the types of rates mentioned above. Users can also define whether the exchange rates can be updated when used in the financial systems.  

On this panel box, users can define currency codes and descriptions for those foreign countries with which they have dealings with and indicate the exchange rates for those whom the (F)ixed type of rate applies. For those whom the (F)ixed type of rate does not apply, the rate of exchange will be set to 0.000. Fluctuating rates of exchange are defined on panel box 3 and not here. Thus, when applying rates on this panel box, it is implied that the rate is for the medium to long term period and should not be adjusted too often.

On this panel box, users indicate, for the foreign currencies defined on panel box 2, the rates of exchange for the (B)uy, (S)ell and/or (N)ormal type of rates. Fixed rates of exchange are defined on panel box 2 and not here. Thus, when applying rates on this panel box, it is implied that the rate is of a fluctuating nature and therefore can be changed at any time.

• Procedures:
• None