Foreign Currency Setup

AcctVantage now supports Foreign Currency (FC) for Purchasing and Accounts Payable. These FC amounts are tracked in parallel to the normal amounts in US Dollars. The General Ledger will always carry the transactions stated in USD. This article details how to define the Foreign Currencies in the system.

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Here is the basic outline of how to set up and use FC in AcctVantage:

  1. Define the currencies that you will be using (i.e. the subject of this article).
  2. Tag your Vendor records with the applicable FC.
  3. Issue a Purchase Order (FC info is tracked alongside USD).
  4. Enter a Voucher for the Vendor's Invoice (FC info is tracked alongside USD).
  5. Pay the Vendor via Quick Check (FC info is tracked alongside USD).
    • Note: If you are printing checks using the foreign currency you will need a new check form. Please contact AV Support.

1. Create a new Foreign Currency record.

Navigate to General Ledger ➤ Foreign Currency and click the + symbol to create a new record.

Foreign Currency - list view

2. Define the Foreign Currency

There are only 4 fields to set up:

  • Name: This is the name of the foreign currency in its default denomination.
  • Short Name: This is a shortened name for the foreign currency. In some cases, these two names will be the same.
  • Symbol: This is the symbol for the foreign currency. Most foreign currencies have a keyboard shortcut for the symbol. See your OS character map for more details. Here are a few common foreign currency symbols along with their Mac OS shortcuts:
    • Euro (€): Option + Shift + 2
    • Yen (¥): Option + y
    • Pound (£): Option + 3
  • Default Exchange Rate: This is the default exchange rate stated in terms of $1.00 in US Dollars. The exchange rate can be changed on the Purchase Order, if necessary.

After you're finished defining the foreign currency, you can click OK to save.

Define the Foreign Currency