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‘Menus’ – ‘Setup’ – ‘Currency’

MydaEs allows you to setup multiple currencies for use in your project, to allow you to enter or report against different exchange rates. This can be done under Setup > Currency.

Create New / Modify Existing

You will be presented with the following form from which you will see any previously created currencies.
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From here you can press the ‘New’ button to add in a new currency, or double click an existing entry to edit it.

This screen will have several fields that you can customize:

  • Name – Used for selecting on entries or reports.
  • Code – 3 characters. This should be unique.
  • Converter – Relative to the Base currency. If you are unsure what the base currency is, look under Setup > Project Setup.

    Please be aware if this changes after entries have been made against the currency, changing this will only affect new transactions. If a change is required, contact mydaEs Support who will be able to adjust all existing entries to use the new rate.

  • Sign – Displayed on Cheques / Checks etc.
  • Currency Name – Whole unit, ie “Dollar” or “Pound” etc.
  • Currency Coinage – Decimal unit, ie “Cent” or “Pence” etc.
  • PC Custodian Account – This is the default account selected for the Petty Cash Custodian when this currency is in use. This allows you to have different custodian codes for each currency.
  • DB Custodian Account – As above, but for Debit Cards.
  • Locations – You can select which locations you are allowed to use while entering against this currency. This allows you to avoid users accidentally using the wrong location on this currency.

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Other Considerations

There are a few other places in Setup that affect your currencies.

Bank Accounts

If you intend to make payments or use the bank reconciliation on this currency, you will need to setup a bank for this currency under Setup > Bank Accounts.

GST / VAT

If this currency has GST / VAT, you will need to select your purchase and sales codes and percentages under Setup > GST / VAT Setup.

Default currency for entries

If the bulk of the projects entries will be done in this currency, you may wish to change the default currency under Setup > Project Setup.

Restrict Access to this currency

If you would like to restrict usage this currency to specific users, you can restrict currency access under Setup > User Setup.

 

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