Currency Setup

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 that will be available in future releases.
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.

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.

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. Click on Organization to expand the menu.
2. Click on Currency 
3. Click the Add button in the Currency window.
4. In the Currency field, enter a unique identifier to identify the currency. The maximum length for this field is 10 characters.
5. In the Name field, enter a name to identify the currency. This field is limited to 100 characters.
6. In the Symbol field, 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.
7. In the Allow Change field, select Yes if employees are to be allowed to override the system's official exchange rate when entering expenses. Select No if the employees cannot override the system-generated exchange rate.
8. In the Tolerance % field, 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.
9. Frequently Used Currency, set the currency to 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.
10. In the Active field, select Yes if the currency is to be available for assignment or use in reports now. Select No if the currency is not available for selection or use now.
11. Click the Save button to save the currency to the database.