Overview
Currency is a key attribute in your SF Organization. Whether using Multi-Currency (must be enabled by Salesforce) or not, a “base” currency or “home” currency must be established. When using Multi-Currency, all currencies to be used will need to be defined in Rootstock.
There are options in Rootstock that, when using Multi-Currency, can be specified on Vendor Masters and Customer Masters as to whether orders will be in the given ‘Accounts’ currency or in the given Company’s ‘Home Currency’.
Where there are multiple companies in the Salesforce org, each with their own non-USD "Home" currency, an alternative Exchange Rate conversion to each "Home" currency is required. For example, where there are 2 companies in the org, one company with a USD Home currency and one company with a EUR Home currency, a single Currency Code (say AUD) will require both a USD - AUD and a EUR - AUD Exchange Rate. The USD - AUD rate is set on the main page and the EUR - AUD is set via the Alternate Exchange Rate action.
Application
All costs and prices in Rootstock are expressed in the ‘Home Currency’ defined on each Rootstock Company Master. Currencies are also used for purchases (Purchase Orders) and sales (Sales Orders), and can be expressed in ‘Home Currency’ or in the Vendor’s or Customer’s currency as defined on their “master” record (when using Multi-Currency).
Navigation
System Setup > Currency Master
Setup
A Currency Master must first be created using System Setup > Currency Master. Once Currency Master is created, set Home Currency on Company Master.
Vendors and Customers need to be added with a valid currency in which orders may be expressed.
Processing
Add or Edit Currency Master record. When there are multiple companies in the Salesforce Org, each with their own "Home" (where the "Home" currency is not USD) currency, an Exchange Rate needs to be set for each alternative non-USD "Home" currency. This is set using the using Alternate Exchange Rate action.
Fields
Home Currency: The currency in which the company keeps its books of account.
Currency Code: This value defines the ISO currency Code for this currency.
Description: This is a detailed description of the currency code.
Current Exchange Rate: This value defines the current currency exchange rate between Home Currency and the given Currency being added or edited, and is ONLY used when NOT using Rootstock Financials. The rate entered is the conversion - 1 USD can purchase xxx of the Currency Code. For example, for CAD, a rate of 1.306 is "1 USD can purchase 1.306 CAD".
Currency on Hold: When checked, indicates that this currency is on hold and cannot be used.
Date Last Updated: This field defines the last date the Exchange Rate was updated.
Explanation: The specific description as to the relationship between the two currencies as defined by the Current Exchange Rate. This is used to clarify which direction the conversion occurs.
Currency Major Name: This a user-defined Major Name that can be used in Check Printing. For Example, when printing checks in US Dollars, the field may be set to "Dollars".
Currency Minor Name: This a user-defined Minor Name that can be used in Check Printing. For Example, when using US Dollars, the field may be set to "Cents", so $12.49 can be printed (Where Major Name = "Dollars") as "12 Dollars and 49 Cents".
Actions
Edit: To edit an existing record.
Delete: To delete an existing Currency Master record.
Alternate Exchange Rates: This action is used to set the exchange rate from the Currency Code to the alternate "Home" Currency. This is only used where there are multiple companies in the Salesforce Org, where their "Home" currency is not USD.
Alternate Exchange Rates
Fields
Alternate Home Currency: Where there are multiple companies in the org, this the "Home" currency for the non USD Company.
Currency Code: This value defines the ISO currency Code for this currency. This is the currency code used on the main page.
Current Exchange Rate: This value defines the current currency exchange rate between Alternate Home Currency and the given Currency code being added or edited, and is ONLY used when NOT using Rootstock Financials.
Explanation: The specific description as to the relationship between the two currencies (Alternate Home Currency & Currency Code) as defined by the Current Exchange Rate. This is used to clarify which direction the conversion occurs.
Actions
Add: To add a new Alternate Exchange Rate record.
Remove Selected: To remove a previously saved Alternate Exchange Rate record. Select the record to remove, click Remove Selected, and Save.
To edit an existing Alternate Exchange Rate record, amend the rate in the Current Exchange Rate field and Save.
Save: To save the Alternate Exchange Rate record.
SEE ALSO
