Chapter 52 Currencies
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution provides an introduction to the Multi-Currency Add On. (5931)
The Multi-Currency Add-On tracks purchases and payables in foreign currencies. If this module is well-received it will likely be extended to cover other foreign currency operations. It employs a dual-account approach, creating foreign currency accounts with matching exchange accounts, which combined, represent the full value of the account in native currency financials. Costs for items purchased are tracked in foreign currency and automatically received into inventory in native currency. Payments are posted to native currency accounts using current exchange rates and automatically posting gain or loss due to currency fluctuation. The foreign cost of items purchased can be saved for automatic insertion on new purchases.
You are welcome to test this functionality with your real data. As with most entries in Big Business, you can delete any entries created, in reverse order, and disable the feature if it does not meet your needs. Alternatively, you can test this fuctionality in a Demo File by following the instructions for Registering. This function is not enabled by default as it is outside the needs of most users.
Currencies Overview
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes its functionality. (5963)
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies. As of this writing, it supports purchases in a foreign currency with the following features:
• Registering the Multi-Currency Add-On, permanently or in Trial Mode. Contact Big Business Support for a Trial Code or to purchase the Add-On.
• Creating one or more Foreign Currencies along with a three-letter Code, Exchange Rate, and a Display Color so they are readily identifiable on transactions.
• Creating one or more Accounts Payable Accounts in a foreign currency and automatically creating matching Exchange Accounts.
• Creating one or more Vendors in a foreign currency.
• Creating Purchase Orders, Bills, and Make A Payment entries in a foreign currency.
• Automatically accounting for a Gain or Loss as a result of a change in a foreign currency Exchange Rate.
• Tracking the Foreign Cost of an Item, along with its native Cost, so that either can be automatically added to a Purchase Order or Bill, as needed.
The cost of the Multi-Currency Add-On subsidizes its support and further development for those who find it beneficial.
Currencies Basics
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes basic features and techniques for use. (6243)
The Multi-Currency Add-On supports transactions in foreign currencies. Here are basic features and techniques for use:
• Foreign Currencies are assigned on the Customer or Vendor Card and automatically applied to their new transactions.
• Foreign Currency transactions automatically switch to the Expanded tab that includes Currency, Exchange Rate, and display of foreign currency amounts.
• Clicking the Currency Checkbox toggles the display from foreign currency to native currency and back.
• Foreign Currencies are displayed in the color you select for each.
• Printing lets you choose to print in Foreign Currency or your own.
Currencies Searches
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Search features. (6743)
With the Multi-Currency Add-On come additional Search parameters:
Foreign - is the checkbox that indicates it uses a Foreign Currency
Currencies Fixes
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
Big Business 10.22 and Big Business 11.2 fix a problem with the auto-correction that occurs when a Discount is added and an Applied amount needs to be changed, which causes a discrepancy between Balance on the Customer card and what is reported on an Accounts Receivable Aging.
This Solution detail fixes and troubleshooting tips. (6743)
To fix a Payment where the Applied amount has been corrected, re-enter the Discount amount and re-enter the Applied amount.
This invoice for €7.50 is getting a Discount of €2.96 but already has an Applied amount of €7.50, so Big Business is correcting this to €4.54. In earlier versions, Big Business does not change the native currency Applied amount, which can then appear on a back-dated Aging. If you type in the Applied amount, €4.54 this will correct the native currency Applied amount.
Currencies Registering
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Registering the Multi-Currency Add-On, permanently or in Trial Mode, with your existing data file or the Demo Data File. (5951)
The tools for using the Multi-Currency Add-On are installed when Registered. You can Register the Multi-Currency Add-On, permanently or in Trial Mode, with your existing data file or with a Demo Data File.
To Register the Multi-Currency Add-On:
1. Go to the Maintenance toolbar, to the Company Card, and click the Upgrade button.
2. Click the Multi-Currency button and the Registration dialog, pictured, will open.
3. Contact Big Business Support for a Registration Code for your data file.
4. Enter the Registration code received, or, 260, for the Demo File.
5. Click Continue.
6. Click OK on the Confirmation dialog
7. Click OK to Save the Company Card.
8. Quit and restart Big Business.
The Multi-Currency Add-On functions will be installed the next time you run Big Business.
Currencies Settings
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Setting Up Currencies. (5953)
Once the Multi-Currency Add-On is Registered, you begin by creating entries for foreign currencies.
To Edit Currencies:
1. Go to the Maintenance toolbar and open the Company Card.
2. In the Currency pulldown menu, select Show List
3. On the Currencies list, click Add (+) to create a new currency.
4. Enter a Code and Currency Name.
5. Click the Foreign Exchange checkbox for all but your native currency.
6. If the currency is foreign, enter a Symbol, display Color, and Exchange Rate.
7. Save and repeat for other currencies including your native currency.
8. Select your native currency and click OK to save the Currency list.
9. Click OK to save the Company Card.
The purpose of the color is to highlight foreign currency data. If the QuickTime color picker is not available, red--an excellent choice for visibility-can be used by default.
Currencies Accounts Payable
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Setting Up an Accounts Payable Account in a foreign currency. (5954)
To support purchases in a foreign currency, you need to create an Accounts Payable Account that uses a foreign currency.
To Create a Foreign Currency Account:
1. Use the Account Card tool on the Bookkeeper toolbar to create a new Account.
2. Enter or edit Account Code, Account Name, and Account Type as needed.
3. Click the Foreign checkbox and choose the Currency from the Currency pulldown.
4. Leave the Exchange Account entry set to Auto-Create.
5. Click OK to save the Account Card.
Big Business will Save the Account (2210 - A/P Euro) and Auto-Create an Exchange Account adding 1 to the Account Code and "Exchange" to Code and Name (2211 - A/P Euro Exchange). If you manually create an Exchange Account it should not be Foreign and should be selected as the Exchange Account when finished.
To Add the new Account to the list of Accounts Payable Accounts:
1. Open the Vendor Prefs from the Vendor toolbar.
2. On the Bookkeeping tab click Add (+) under Payables Categories.
3. Select the new Account (2210 - A/P Euro).
4. Save the Vendor Prefs.
Currencies Vendor
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Setting Up a Vendor Card in a foreign currency. (5955)
To support purchases in a foreign currency, you need to create a Vendor Card that uses a foreign currency.
To Create a Foreign Currency Vendor:
1. Use the Vendor Card tool on the Vendor toolbar to create a new Vendor.
2. On the History tab, click the Foreign checkbox.
3. Choose the Currency from the Currency pulldown.
4. Choose a Payables Category that uses this Currency.
5. Click OK to save the Vendor Card.
If the Currency of the Payables Category does not match the Currency selected for the Vendor, an error message will stop you from saving the Vendor Card. When you select the Payables Category, its Exchange Account will be verified. If the Exchange Account is not properly specified, an error message will stop you from saving the Vendor Card and you will need to fix the Account Card for the Payables Category before proceeding.
Currencies Purchase Order
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Creating a Purchase Order in a foreign currency. (5956)
To Create a Foreign Currency Purchase Order:
1. Create a Purchase Order as usual, but selecting a Foreign Currency Vendor.
2. Verify that the Vendor's Currency is correct on the Line Items header.
3. Update the Exchange Rate if needed.
4. Verify the Display checkbox is checked and amounts in the Cost, Ext. Cost, and totals display in the Color selected for the Foreign Currency.
5. Add Line Items as you normally would, and with the Display checkbox checked, enter Cost, Other Charges, and so on, in Foreign Currency amounts.
If you enter a new Foreign Currency Cost, a prompt will ask, "Would you like to update the cost on the Item Card?". Choosing, Yes, will update the Foreign Cost listed on the Item Card History so it can be used automatically in the future. This update will not disturb your regular, native currency, Cost.
You can uncheck the Display checkbox to view the amounts in your native currency. Changes to amounts or the Exchange Rate should be only be made when the Display checkbox is checked. Edits made when the checkbox is not checked do not update Foreign Currency amounts (5.0.9).
To Print a Foreign Currency Purchase Order, you must create a Custom Form.
Currencies Quote
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Creating a Quote in a foreign currency. (6222)
To Create a Foreign Currency Quote:
1. Create a Quote, selecting a Foreign Currency Customer.
2. Verify that the Customer's Currency is correct on the Expanded tab.
3. Update the Exchange Rate if needed.
4. Verify the Show Currency checkbox is checked and amounts in the Price and totals display in the Color selected for the Foreign Currency.
5. Add Items entering Prices in Foreign Currency amounts.
Uncheck the Show Currency checkbox to see amounts in your native currency.
Currencies PO Form
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Creating a Purchase Order Form for printing Purchase Orders in a Foreign Currency. (5957)
This entry describes creating a Purchase Order Form for printing Purchase Orders in a Foreign Currency.
To Create a Foreign Currency Purchase Order Form:
1. Go to ftp://ftp.bigbusiness.com/v4/templates/ and download POLineItems.TXT.
2. Open the Custom Form tool from the InfoCenter toolbar
3. Click Import and select the downloaded form.
4. Double-click the entries for Cost, Ext. Cost, Subtotal, Tax, Other Charges, and Total, and select their Currency counterparts.
5. Choose Page Setup from the small File menu within the window and OK the Page Setup.
6. Choose Save As from the small File menu within the window and name the form appropriately (e.g. Foreign Currency PO).
The form will then appear in the Print Options when printing a Purchase Order and should include the Foreign Currency amounts (e.g. Currency Total).
Currencies Gain/Loss
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Gain/Loss Category Setup. (5954)
To support purchases in a foreign currency, you need to create a Gain/Loss Category.
To Create a Gain/Loss Account:
1. Use the Account Card tool on the Bookkeeper toolbar to create a new Account.
2. Enter or edit Account Code, Account Name, and Account Type as needed.
3. Click OK to save the Account Card.
To Add the new Account as the Gain/Loss Category:
1. Open the Banking Prefs from the Banking toolbar.
2. For Currency Gain/Loss Category select the Account.
3. Save the Banking Prefs.
Currencies Misc. Bill
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
The Misc. Bill tool does not support Foreign Currency entries. There simply isn't space for the Currency and Exchange Rate information necessary for each Bill.
This Solution provides an alternative for entering a Foreign Currency Bill without line items. (5965)
The Misc. Bill tool provides a quick way of entering Bills that do not have line items, just a dollar amount, and post by default to the Vendor's Expense Category. If you save a Misc. Bill and then open it, you will find that it opens as a regular Bill, with a "Misc. Bill" line item.
To enter a "Misc. Bill" for a Foreign Currency Vendor, use the regular Bill tool. Intead of choosing an Item on the first row of Line Items, simply enter a Qty of 1 and a Cost in the desired total amount.
Currencies Suggestions
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
The Misc. Bill tool does not support Foreign Currency entries. There simply isn't space for the Currency and Exchange Rate information necessary for each Bill.
This Solution provides an alternative for entering a Foreign Currency Bill without line items. (5966)
At present, the Multi-Currency functions are in their infancy and meet only very basic needs. Your input is needed to decide such questions as:
• Adding built-in forms for printing Foreign Currency Purchase Orders
• Extending the functionality to Sales, Banking, or other areas.
• Allowing or disallowing editing of native currency amounts
Please forward your suggestions and real-world examples to support@bigbusiness.com.
Currencies Addenda
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution lists additional features and information for the Multi-Currency Add-On. (6226)
• the option to Delete a Customer with History and Move To another Customer Card is not available for foreign-currency Customer Cards.
• the option to Delete a Vendor with History and Move To another Vendor Card is not available for foreign-currency Vendor Cards.
• Activity locks the Foreign checkbox on Customer Cards
Currencies Customer
This feature is part of the Multi-Currency Add-On, which is a module for Big Business that supports transactions in foreign currencies.
This Solution describes Setting Up a Customer Card in a foreign currency. (6230)
For sales in a foreign currency, first create a Customer Card.
To Create a Foreign Currency Customer:
1. Use the Customer Card tool to create a new customer.
2. On the History tab, click the Foreign checkbox.
3. Choose the Currency from the Currency pulldown.
4. Choose a Receivables Category that uses this Currency.
5. Click OK to save the Customer Card.
If the Currency of the Receivables Category does not match the Currency selected for the Customer, an error message will stop you from saving the Customer Card.
Currencies Pricing
This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes updating amounts for an Exchange Rate change. (6221)
If you change the Exchange Rate on a Quote, Sales Order, or Invoice, Big Business will ask whether you want to change Local prices or Foreign Currency prices to use the new Exchange Rate.
Currencies Reports
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes printing reports. (6450)
The Multi-Currency Add-On supports transactions in foreign currencies. Here are basic features and techniques for Printing Reports:
• Customer Statement (Balance Forward-Plain Paper)
• Customer Statement (Balance Forward-Preprinted #80821)
• Customer Statement (Open Item-Plain Paper)
• Customer Statement (Open Item-Preprinted #80821)
• Customer Aging (Summary)
• Customer Aging (Detail)
• Customer Transactions
From a Customer Card, you can choose "FX-Currency" in Print Options, Settings, to automatically print reports in the Customer's Foreign Exchange Currency.
From the Report tool, these reports display a dialog asking if you want the report in your own currency or Foreign Currency.
Currencies Account
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes creating an Account. (6246)
The Multi-Currency Add-On supports transactions in foreign currencies. Here are basic features and techniques for creating an Account:
• As a shortcut, you can open an existing Account and click Duplicate to match the formatting.
• Click the Foreign checkbox to choose a Currency for the Account--only for A/P (purchases) and A/R (sales) Accounts.
Currencies Printing
The Multi-Currency Add-On is an additional module for Big Business that supports transactions in foreign currencies.
This Solution describes Printing. (6246)
The Multi-Currency Add-On supports transactions in foreign currencies. Here are basic features and techniques for Printing transactions:
• Foreign Exchange (FX) is set on the Customer or Vendor Card and automatically applied to new transactions.
• Printing FX transactions automatically switches to Advanced Print Options.
• In the Settings column you can choose FX-Currency to print in the Customer's or Vendor's currency, or choose My Currency to switch back to your own.
• Custom Forms work automatically. Totals can be set to use the Formats: "|Rpt Ext" and "|Rpt Ext Total" to use Ext. Price and Total formatting from Currency Settings, to automatically display the Currency Symbol.
Currencies Invoice Line Item Import
Big Business 8.7 adds Currency support to the Invoice Line Item Import.
This Solution describes using this entry. (6320)
To use Currencies on the Invoice Line Item Import, map amounts to FX Other Charges, FX - Price, or FX - Paid. These entries overwrite the amount in native currencies using the current Exchange Rate for the Currency assigned to the Customer.
If a Currency is assigned to the Customer and FX Price is not mapped, the current native currency Price for the Item is applied at the current Exchange Rate for the Currency.
Currencies Customer Receipts Import
Big Business 8.7 adds Currency support to the Customer Receipts Import.
This Solution describes using this entry. (6321)
To use Currencies on a Customer Receipt Import, map an amount to FX Amount. This overwrites the Amount in native currency using the current Exchange Rate for the Currency assigned to the Customer.
Currencies Exchange Rates
Big Business 9.8 adds Exchange Rates for exporting and reporting in a foreign currency.
This extends the Multi-Currency Add-On to provide a convenient way to report results in another currency.
This Solution describes using these features. (6534)
Multi-Currency features add the Exchange Rates tool to the Bookkeeper toolbar. The Exchange Rates tool lets you Add, Find, and Export entries for Exchange Rates for past dates. The Import tool on the Maintenance toolbar adds the Exchange Rate Import.
Dated Exchange Rates are used to convert Exports of the following:
• Posting Search - on the Bookkeeper toolbar
• General Ledger (Detail) - in Reports, Bookkeeper
• General Ledger Activity (Detail) - in Reports, Bookkeeper
• Balance Sheet - in Reports, Bookkeeper
• Balance Sheet, Omit Zeroes - in Reports, Bookkeeper
• Items on Bills, Sorted By Vendor (Detail) - in Reports, Vendor
Exchange Rates use direct quotations. The price of a unit of foreign currency is expressed in terms of the domestic currency. If Big Business is using US Dollars and you want to enter an Exchange Rate for British Pounds, it is entered as the price of one Pound in Dollars (about $1.54 in the picture) and can include up to five decimal places.
Currencies Fixes
Big Business 14.62 fixes the Currencies tool in the Company card which gives an error.
The pictured error, executing the method [System].SmartList278 at line number 70, can occur when clicking to edit the list of Currencies.
This problem is fixed in Big Business 14.62 and may start more updates in Currencies.