Defining currencies

In international markets, organizations are required to monitor the various currencies used and the different exchange rates. The system contains many predefined currencies. Define additional currencies as necessary.

Note: Various parts of the system rely upon currency for computing transactions. Therefore, even if you do not intend to use the system to calculate currencies for international markets, you must at least enter a base currency and attach an exchange rate of "1" to it.

To define currencies:

  1. Select Materials > Setup > Currencies.
  2. Click New Record.
  3. Specify this information:
    Currency
    Specify a unique code identifying the currency, and then enter a description of the currency in the adjacent field.
    Class
    Specify the class of the currency. The classes shown belong to the CURR entity. The system automatically populates Class Org.
    Out of Service
    Select to remove this currency from the currency lookups.
  4. Click Save Record.
Parent topic: Setting up initial materials information