In a global economy, the ability to trade with foreign companies in their native currency is becoming ever more important. So we have introduced the facility to deal with customers, suppliers and banks in different currencies to your business's main accounting currency ('Base Currency').
You may choose to specify your own customised conversion rates or use the daily rates provided to Surf Accounts by Yahoo Finance.
Foreign currency transactions will be automatically converted to your base currency, keeping your core accounts correct while dealing with your global partners.
- Set up Multicurrency For Your Business
- User Access
- Enable Multicurrency
- Currency Rate and Conversion Rate
- Set up currency for Customer / Supplier in Contact page
- Setting up currency for products
- Multicurrency in Quotes and Orders
- Product Lookup and Conversion rate change
- Multicurrency in Detail Invoice / Detail Credit Note
- Multicurrency in Quick Invoice / Credit Note
- Currency set up of Bank Account from Chart of Accounts
- Multi currency in Detail Receipt / Payments Browse
- Multicurrency in Quick Receipt / Payments / Credit Notes
- Allowing date entry on currency gains and losses
- Multicurrency on Customer Ledger Card
- Introduction of Loss and Gain on Account
- Implementation of Multicurrency in Surf Accounts Reports
To set up multicurrency select Settings » General Setup » Users » Currency Gain, select the check boxes to enable multicurrency for your business. The following screen will appear.
To enable multicurrency for your business select Settings» General Setup » Manage Currency as shown below.
By selecting the Manage Currency option under the General Setup the following page will appear.
|Select the checkbox to enable the multicurrency option for your business.
|Select Base Currency
|Select the base currency by using the drop down for the first time. Please note, once the base currency is set, it may not be changed.
|Use Yahoo Finance for Automatic Rates
|Select the ‘Use Yahoo Finance for Automatic Rates’ to convert the base currency to the required currency in transactions.
Please note, if the ‘Use Yahoo Finance for Automatic Rates’ is unchecked, then only system will allow user to enter the conversion date and conversion rate.
Once the base currency is setup for the business it cannot be changed and a confirmation message will appear on the screen.
To add currencies select the option ‘Click here to manage Currencies’, the following screen will appear.
To add a ‘Currency’ apart from the base currency enter the following information:
|Select the currency code by using the drop down. For e.g. if you select the drop-down currency option like Euro, Pound Sterling, US Dollar, ZAR (Rand- South African) currency and INR (Indian Rupee) will appear on the screen.
|By selecting the currency code the description of the currency will auto-populate in the description field. For e.g. by selecting GBP the description ‘Pound Sterling’ will auto-populate.
|Currency symbol will also auto-populate once the currency code is set. For e.g. if the currency symbol is set to GBP the currency symbol ‘£’ will auto-populate.
You can enter currency rates only if the Yahoo Rate is not accepted.
We have introduced a new option to define the currency in the ‘Contact’ page for your customer and supplier. Depending on the location of the customer or supplier you can set the currency. For e.g. if your customer is based in UK you can select the currency as ‘GBP’ from the drop-down menu of ‘Currency’.
Surf Accounts will now allow users to enter the rates with multicurrency. Under the product description enter the sales and purchase price as per your business currency.
If you wish to enter different currency apart from the business currency separate currency column will be available as per the multi-currency settings. For e.g. if you have set currency like USD, ZAR separate column for the rates will appear to enter the rate both for sales and purchase price.
Automatic Currency Rates: If the ‘Automatic Currency Rates’ checkbox is selected the currency will be automatically converted within transactions. Please note, if ‘Automatic Currency Rates’ is checked the sales and purchase price for multicurrencies will not appear in the ‘Product Browse’ even though multicurrency is active.
While creating quotes/ orders by using the multi-currency feature the currency symbol will appear in the window beside the customer name for sales quote or order.
Please note, if your business (base) currency is same as your customer/supplier currency there will be no symbol of currency and there will be no conversion rate box as it is not applicable because currency remains the same.
While generating invoices you can select the product price and can also apply the conversion rate. The conversion rate will be calculated as per the setup.
While raising the invoice by using the multicurrency feature the currency symbol will appear in the transaction browse beside the customer name for sales and purchase invoice.
Please note, if the business (base) currency is same as the customer / supplier currency then no currency symbol will appear and there will be no conversion rate.
For quick invoice, if the customer/supplier currency is different from the business (Base) currency then a button will appear as ‘Currency Rates’ as shown below.
By selecting the ‘Currency Rates’ the ‘Conversion Rate’ pop up will appear on the browse.
|Foreign Currency Amount
|The gross amount i.e. (Net+ VAT) amount will appear in this field.
|The conversion rate will be automatically populated depending on the transaction date. Please note, ‘Use Yahoo Finance for Automatic Rates’ should be enabled for the business. If you wish to edit the conversion rate system will allow to edit it.
|Conversion amount will be the multiplied value of the ‘Foreign Currency Amount’ and ‘Conversion Rate’.
To set up the currency of your bank account select Accounts» General Ledger »Chart of accounts the following screen will appear.
To set up the currency of the bank and cash select the bank account and open the ‘Bank and Cash Account’ the following screen will appear.
The currency set against the bank and cash account from the chart of accounts will appear under the lodgement details drop down.
For e.g. if the currency against the cash control account (781 petty cash account) is set to GBP. In the receipt/payment browse the lodgement details will show the currency details as shown below.
In customer receipt or supplier payment if you choose a customer/supplier whose currency is different from your business currency (Base Currency) the amount column will show the customer or supplier’s business currency and the base currency will appear beside that.
Condition 1:If the conversion rate is not set on the day transaction, it will pick up the last conversion rate of the last transaction.
For e.g. the customer or supplier is set to GBP and your business currency is Euro and conversion rate is set then the receipt amount will appear in the in the amount box along with the currency description which is GBP here. Beside the Amount box, the business currency will appear which is Pound here. Depending upon the conversion rate the multiple values of the receipt will appear beside the ‘Amount’ box.
For multicurrency in quick receipt and payment browse an additional button has been added in the browse if your customer or supplier has different currency compare to your business currency (Base Currency). By selecting the ‘Currency Rates’ box a pop up will appear on the screen as ‘Conversion Rate’.
The following details will appear in the ‘Conversion Rate’ pop up.
|Foreign Currency amount
|In the foreign currency amount field, the net amount will appear in the foreign currency filed.
|The conversion rate will auto-populate depending on the settings. If ‘Use Yahoo Finance for Automatic Rates’ is checked then the rate of the currency on the day of the transaction will be populated. The system will also allow to enter the conversion rate manually.
|The converted amount will be the multiplied figure of the conversion rate and the net amount.
Customer’s having a different currency compare to business currency (base currency) both the currencies will appear in the customer ledger card in a separate column. If the conversion rate is defined it will be auto calculated.
Since invoices and their payments may be on different dates, with different conversion rates, this may lead to currency gains or currency losses on the customer (or supplier) account.
The above image shows a no loss or no profit on the account.
You can now enter dates on currency gains and losses. To do this, complete the following steps.
- On the Customers page, click and from the inline menu, click Account.
- The Customer Account page appears. Click the figure in the heading POST LOSS ON ACCOUNT.
- The Add Gain/Loss window appears. Enter the date and the loss amount, if required and click Post.
- In the Confirmation Message, click Post.
In the new version of Surf Accounts, multicurrency features will appear in the following reports.Customer Reports
- Sales Invoice/Credit Note Report
- Customer Invoice Details Report
- Customer Invoice Margin Report
- Recurring Template Report
- Recurring Sales Invoice Report
- Customer Recurring Invoice Details Report
- Customer Receipts Report
- Aged Customer Balances Report
- Customer Statement Report
- Customer Account Card Report
- Sales Quotes/Orders Report
- Product Price Report
- Price History Report
- Customer Batch Invoice
In the above mentioned ‘Customer’s Report’ we have introduced the following columns:
|In the currency code column the currency of the customer will appear. For e.g. if the customer currency is GBP and your business currency is Euro; GBP will be shown under ‘Currency Code’.
|The exchange rate will appear under the exchange rate. Please note if the customer currency and the business currency is same a ‘-‘symbol will appear under the exchange rate. Now if the customer currency is GBP and business currency EURO then the conversion rate will appear under the exchange rate column. As per the settings of the exchange rate will appear under the column.
|The net amount in the invoice is displayed under the currency net. For e.g. if the customer’s currency is GBP and the net invoice amount is 50, the currency net column will show 50. However under the net column the multiplied value of currency net and the exchange rate will appear.
|The currency VAT amount of the invoice will appear in the column. For e.g. if the currency net is 50, the currency VAT will be 11.50 applying a VAT of 23%.
|The currency gross value will be the summation of currency net and currency VAT. For e.g. if the currency net is 50 and VAT is 11.50 the currency gross will be 61.50. Please note here the currency of the customer is different compare to your business currency.
In the Customer Invoice Sales / Credit Note Report you can sort the report by using the ‘Currency’ drop down.