New features added, version 7.5.4, 8.4
The NDS Alternate Currency feature allows the use of alternate currencies throughout NDS Applications, converting local currencies to alternate currencies and alternate currencies to foreign currencies where necessary. In the end, all currencies balance out.
* This feature affects accounts payable, accounts receivable, sales orders, purchasing, and the general ledger.
Accounts Payable and Alternate Currencies
Accounts Receivable and Alternate Currencies
General Ledger and Alternate Currencies
Purchasing and Alternate Currencies
Set Up for Alternate Currencies
Press the Shift key and left mouse click (shift/click) in an amount field to display an alternate currency amount in the local currency. If you are entering a transaction in an alternate currency, the alternate currency amount is displayed in that program. This feature allows you to view the alternate amount in the local currency for the enterprise.
For example, if you were entering a purchase order for an item in the currency for Canadian Dollars, and the local currency for the enterprise was United States Dollars, when you used the shift/click feature on the extended price field for the purchase order line, the amount in United States Dollars would be displayed.
In order for this feature to work, the alternate currency for the transaction must be different than the local currency for the enterprise.
For banks that have the same currency as the logged in financial enterprise, vouchers are entered in batches that are assigned a specific currency. When the voucher batch is processed, the system handles the conversion of the alternate amounts to the local bank currency and posts the amounts to the general ledger.
For three way matching, the purchase order amounts are converted to the voucher batch currency, regardless of the currency in which the purchase order was entered.
Computer generated checks are printed in the local bank currency, regardless of the currency entered for the voucher, with program APCP, Check Printing.
Manual checks required the entry of both the local and alternate amounts in program APMM, Manual Check Maintenance.
Accounts payable checks can be issued against banks whose currency differs from the local currency for the financial enterprise. The banks must be set up in program SPBM, Bank Code Maintenance, with the appropriate alternate currency and the cash account assigned the same currency. For checks drawn on alternate currency banks, the alternate currency amounts are preserved all the way through posting to the general ledger and the local amounts are calculated by the system based on the alternate currency rates.
Some forms will display amounts for vouchers and payments from alternate currency banks in green.
To handle possible currency gain/loss postings, set up the CURR accounts payable general ledger posting type.
When accounts payable journals are posted to the general ledger, all of the alternate amounts are include, regardless of whether a given account has a matching alternate currency attached. During processing with program GLJP, GL Journal Transaction Posting, if the account being posted to has the same currency as the journal, the alternate amounts are posted. Otherwise the alternate amount is calculated from the local amount during the posting process.
More detailed information can be obtained in the program descriptions, using the See Also button above.
Customers are assigned alternate currencies in program CMMM, Customer Master Maintenance. If a customer is assigned an alternate currency, all payments for that customer must be entered in the alternate currency. All sales orders are entered in the currency that is defined for the sales order financial enterprise. When the invoice is printed to send to the customer, it is printed in the currency defined by the customer record, and the customer pays in the alternate currency.
When the sales order is processed through program OESJ, Sales Order End of Day and Journals, the alternate currency amounts are calculated according to the currency exchange rates entered in program GLDX, Daily Exchange Rate Maintenance.
Payments are entered in program ARPE, Cash Receipts Entry, or program ARAD, Accounts Receivable Adjustments Entry, in the customer's currency code. The operator entering the payments must know the amounts in both the customer's currency code and the bank's currency code.
If a customer has paid an invoice has been paid in full (invoice amount is zero), but there is still an amount owed in the bank's currency, a gain/loss adjustment will be written to the accounts receivable and general ledger to clear out the amount.
More detailed information can be obtained in the program descriptions, using the See Also button above.
Alternate currencies are initially set up in the General Ledger module using the exchange rate programs. See the Set Up for Alternate Currencies section for more information.
General ledger detail accounts are set up at the local enterprise with alternate currencies in program GLTM, Account Maintenance. Alternate currencies cannot be assigned to summary accounts or any account at the consolidation enterprise level.
The currency gain/loss account is also entered in program GLTM, Account Maintenance.
General ledger journals can be entered for alternate currencies in program GLJE, General Ledger Journal Entry/Maintenance. The journal code determines whether the currency for the general ledger journal will be Alternate or Local. When the journal is defined as Alternative, the accounts entered for the journal must be assigned the alternate currency entered in the header. Local currency journal account numbers can be assigned any currency code. Debits and credits are displayed in both the local and converted currencies, if the dollar amounts differ.
For alternate currency journals posted from Accounts Payable, if the journal to be posted is in alternate currency amounts, and the account being posted to is assigned the same currency code, the alternate currency amounts will be posted. If the account is not assigned the same currency code, the posted amount is calculated by the system using the currency code assigned to the account.
More detailed information can be obtained in the program descriptions, using the See Also button above.
Vendors are assigned an alternate currency code when entered in program VEQM, Vendor Quote Maintenance. Vendor quotes are entered in the currency code assigned to the vendor.
Purchase orders are created in the currency assigned to the vendor in program VEMM, Vendor Master Maintenance. If the currency differs from the local currency assigned to the financial enterprise, the purchase order is entered in the alternate currency and all prices and costs on the purchase order are entered in the alternate currency. The pricing information is also written to vendor/item history in the alternate currency.
Purchase orders are printed in the currency assigned to the vendor.
More detailed information can be obtained in the program descriptions, using the See Also button above.
Enter and maintain alternate currency codes. Alternate currency codes are assigned to countries, banks, customers, vendors, and general ledger accounts to determine purchasing, sales, payments, and postings in currencies other than the local currency assigned to your financial enterprise.
Assign alternate currency codes to country codes.
Assign the country code to the enterprise. The currency code assigned to the country code in program SPNM, Country Code Maintenance, is the local currency code for the enterprise.
Enter financial rate codes for use in calculating exchange rate conversions. There are three exchange rate types, Currency, Budget, and Forecast.
Maintain monthly exchange rates for the exchange rate codes entered for the Budget and Forecast rate types in program GLFRC, Financial Rate Code Maintenance.
Enter and maintain daily exchange rate between alternate currency codes and the local currency code for a financial enterprise
Set the Default Exchange Rate Type, Default Budget Rate Code, and Default Forecast Rate Code.
Set the Currency flag to Local or Alternate. This indicates whether the local currency or the general ledger account alternate currency will be used for journals with this code.
Set up the currency gain loss account as a detail account to post currency variances between the local currency and the account's alternate currency. You can only enter currency gain/loss accounts for detail accounts for which an alternate currency code has been entered.
Set up general ledger accounts with alternate currencies.
Assign currency codes to banks.
Assign currency codes to customers.
Assign currency codes to vendors.
Assign currency codes to vendor quotes.
Make sure that the CURR_ADJ reason code has been entered for currency adjustments with customer payments.
Print a report listing exchange rates by day. The report is printed by conversion currency code range.
Print a report listing exchange rates by month. You can select the report for a single year, all exchange rate types or a single exchange rate type, all alternate currencies or a single alternate currency, and/or a single financial enterprise.
Display exchange rates for all exchange rate codes by year. You can only view exchange rates entered in the financial enterprise that you are logged into and its children (in the case of consolidated enterprises).