SunSystems is a multi-currency system, enabling dual base currency accounting. This powerful capability uses the currency details set up in the system. Up to four different currency values can be held on every transaction. The system calculates any missing currency values automatically, if they are required. Additionally transactions imported through Ledger Import may hold a fifth currency code and rate, which can be used for calculating a fifth amount in certain programs.

The currency of each value is identified by a 'Currency Code'. You normally create one currency code per currency. For example, you might use USD for US dollars, or EUR for euros. If you are transferring to or from a bank or other clearing system you should use the SWIFT currency codes.

Once you have set up a currency code, you can enter the exchange rates used to convert any values expressed in the currency, into another currency. For example, you might need to define the exchange rate required to convert a EUR value into US dollars.

Currency Codes Setup (CN) is used to identify each valid currency and maintain general currency details. Each currency is identified by a currency code and this code must be defined before you can enter any transaction values in the currency.

The currency code details are established only once. Thereafter only the currency rates tend to change. You can choose to maintain either daily or period rates for a currency and the appropriate rates are used by the system to convert the currency values into other currencies.

Currency Code
The code that identifies the currency or other conversion rate.

Currency Name
The name of the currency name or conversion unit. This is used for information purposes on various functions and reports.

Use Daily Conversion Rates
The type of currency exchange rates to be used for this currency on Ledger Entry (LE) and Ledger Import (LI). Two options are available:

Yes - to use daily conversion rates. These rates are defined using Currency Daily Rates Setup (CND). You also need to define period rates for use in Ledger Revaluation and Financial Reports.

No - to use period conversion rates. These rates are defined using Currency Period Rates (CNP).

Number of Days Valid
If the currency is set to use daily rates, this is the number of days for which a daily rate can remain valid. Include the start date as day number one.

Realized Gains/ Losses and Unrealized Gains/ Losses accounts are for use with Transaction Matching, On-Line Allocation and Ledger Revaluation.