Foreign Currency Setup

*NEW FEATURE for AV 2015*

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. Install the Foreign Currency View Definition and the check form with FC support.
  2. Define the FC's that you will be using (i.e. the subject of this article).
  3. Tag your Vendor records with the applicable FC.
  4. Issue a Purchase Order (FC info is tracked alongside USD).
  5. Enter a Voucher for the Vendor's Invoice (FC info is tracked alongside USD).
  6. Pay the Vendor via Quick Check (FC info is tracked alongside USD).

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1. Before you begin: Download and install the standard View Definition for the Foreign Currency window.

  1. Download the view definition here.
  2. Unzip the ZIP file.
  3. Open up the folder where your AV Client application is.
    • Mac: Applications/AcctVantage Client/INSTALL
    • Windows: C:\AcctVantage Client\INSTALL (or C:\Program Files\AcctVantage Client\INSTALL)
  4. Within the AcctVantage Client folder you will see a folder titled INSTALL. Drop the View Definition into the INSTALL folder and restart your AV Client app -- the View Definition will be automatically loaded.

2. Open the Foreign Currency window

Navigate to General Ledger ➤ Foreign Currency.

Open the Foreign Currency window

3. Create a new Foreign Currency record.

4. 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 character map for more details. Here are a few of the 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 in US Dollars. This can be changed on the Purchase Order, if necessary.

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