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All currencies are set up in the system by default. These instructions are for very rare cases. In Expense, each employee's assigned currency will be used for payroll/expense reimbursements. Also, currency setup determines the currencies available for selection when entering expenses. Currency plays separate roles in Time and Expense. Employees are assigned a default currency in Employee Setup, which affects reporting in Time and Expense. Currencies are associated with WBS levels 1 or 2 to support budgeting functionality. Currency plays separate roles in Time and Expense. Employees are assigned a default currency in Employee Setup, which affects reporting in Time and Expense. Currencies are associated with WBS levels 1 or 2 to support budgeting functionality.
Some common currencies are preloaded during installation. There must be one single default currency established (preset as US Dollars). The default currency will be the base currency for reporting.

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If currency conversions will be required for reporting purposes, or to perform calculations within expense reports, exchange rates may be entered. Administrators can also allow employees to enter their own exchange rate within a certain tolerance.The use of step currencies permits calculations to be performed within the system when there is no direct link established between two currencies. The principal use of this feature was for Euro currencies before the advent of the Euro's operational use as a functional currency. For example, rates could be established between the US Dollar and the Euro and German Marks with the Euro. Dollar and Mark equivalencies would be established through the Euro step currency. While the immediate need for this feature is now obviated, it remains available for any possible use the client may have for it.Exchange rates can be entered manually, or imported on a regular interval through the DATABASICS Time and Expense interface utility.

To create a Currency:

1. On the left side of the screen, click the plus sign Image RemovedarrowImage Added to expand the Organization menu.
2. Click Currency 
3. Click the Add button Image RemovedImage Added in the toolbar.
   1. Currency* - Enter a unique identifier to identify the currency. The maximum length for this field is 10 characters.
   2. Active - When adding a new currency, this box will be checked and be considered active. If the box is unchecked, the currency will be considered inactive.
   3. Name* - Enter a name to identify the currency. This field is limited to 100 characters.
   4. [Symbol]* - Enter a currency symbol to identify the currency. A currency symbol is used in conjunction with the display of a monetary value to identify the effective currency. The maximum length for this field is 3 characters. If an actual currency symbol is entered in this field per example below, then the symbol will also be displayed throughout the end user interface next to an expense report amountImage Added
   5. If the Symbol field is populated with the currency ID as in the screenshot below, then the system will not display a currency symbol next to the amountImage Added
   6. Fraction Digits* - Select one of the options below:
      1. 0 - If you want the amount to show with no decimals. (Example 1)
      2. 2 - If you want the amount to show with 2 decimals points. (Example 1.00)
   7. Frequently Used Currency - Select Yes if you think this currency code will be used by most of your users so it will show up on top of the list of currency codes to use. Select No if you don't think this currency code will be used by most of your users.
   8. Allow Change - Check the box if Select Yes if employees are to be allowed to override the system's official exchange rate when entering expenses. Keep the box unchcked if the Select No if the employees cannot override the system-generated exchange rate.
   9. Tolerance % - Enter a tolerance percentage if employees are allowed to change the exchange rate. This entry has no effect if No is selected above. 0.00 implies tolerance is not setup. Employees will be able to enter any exchange rate. 5.00 implies employees will be able to enter an exchange rate with a tolerance of +/- 5% of the system exchange rate.
   10. Frequently Used Currency - Check the box if you think this currency code will be used by most of your users so it will show up on top of the list of currency codes to use.
   11. Active - When adding a new currency, this box will be checked and be considered active. If the box is unchecked, the currency will be considered inactive.Fraction Digits* - Select one of the options below:
   12. 0 - If you want the amount to show with no decimals. (Example 1)
   2 - If you want the amount to show with 2 decimals points. (Example 1.00)
4. Click the Save button to save the record.
   
   * Indicates a required field