Activant Prophet 21
Getting Started with Foreign Currency
This class is designed for…
Accounting Personnel
This course will NOT cover…
How to enter transactions
Objectives
Turn on foreign currency in the system Understand how foreign currency works
System Setup Entering Foreign Currency transactions
Orders, Receivables, Payables
System Setup
System Setup > System > System Settings
System Setup
CheckedPrices are converted into their Foreign Currency
Prices in Item Maintenance are in Home Currency
System Setup
Unchecked Prices are not converted
Prices in Item Maintenance are in Foreign Currency
System Setup
What exchange rate do you want to use? Time of OrderTime of Invoice
Variances can occur
Currency Maintenance
System Setup > System > Currency Maintenance
Company Maintenance
System Setup > System > Company MaintenanceHolds monetary gains and losses
Exchange Variances
Jan 6 English Pound = $1.65 in US dollars Inventory received
Ten Boxes of Toggle Bolts at 200 English Pounds ($330.00)
Jan 15 English Pound = $1.67
PO is converted to a voucher Inventory Value is now $334
Exchange Variances
Inventory Value changed by $4 between the 6th and the 15th because English pound changed by 2 cents
$4 will be posted to the Exchange Variance account
Exchange Rate Maintenance
System Setup > System > Exchange Rate Maintenance
Exchange Rate Maintenance
Drill down on the To Currency ID to see a hx of past Exchange Rates
Foreign Currency
General Ledger Accounts Receivable Accounts Payable
Accounts Receivable
Customers must have same currency as Corporate ID Cannot be edited after a transaction is entered
Customer Defaults
AR > System > Customer Defaults Maintenance Specific GL accounts by currency
Bank Maintenance
System Setup > System > Bank Maintenance
Manual Invoices
Enter amounts in foreign currency
Currency Converter
Aged Trial Balance
Aged Trial Balance
Cash Receipts
Enter amounts in foreign currency
A/R Currency Gain Loss Report
Displays the variances between the home currency values at the time they were generated and the time they were paid. Displays amount of money gained or lost due to exchange rate fluctuation.
A/R Currency Gain Loss Report
A/R Currency Gain Loss Report
Discrepancy is posted to the Exchange Rate Variance account
Cash Receipts
AR > Reports > Journal > Cash Receipts
Order Entry
Prices are displayed in the foreign amount.
Order Entry
Click right mouse button in Unit Price Field to see Currency Converter and Home Currency View
Order Entry
No fields can be entered or edited when in Home Currency view.
Order Entry
Must be in foreign currency view to access Currency Converter
Open Order Report
Open Order Report
Sales History Report
Sales History Report
Accounts Payable
Currency ID can not be changed once the record had been saved
Purchase Order
Prices on PO are entered in Foreign Currency
Purchasing
If setting up PO prices to default, make sure the List Price or Cost is in the Foreign
Currency amount
PO Receipt
PO Receipt
Purchase Order ReceiptsInventory is received and converted to home currency Exchange rate at time of receipt is used Inventory Value Report only displays Home Currency
Unvouchered POs Report
Unvouchered POs Report Located in the AP module Displays all material receipts that have not been converted to a voucherDisplays in Home Currency only
Convert PO to Voucher
Prices in Convert PO to Voucher are displayed in Foreign Currency.
Convert PO to Voucher
AP is debited in the home currency with the exchange rate used at material receipt timeAP Trial Balance Report shows open payables in home currency only
Cash Requirements Report
Cash Requirements Report
Amounts are displayed in Home Currency
Check Printing
Use bank that is set to the correct foreign currency
Check Printing
Checks will print in foreign currency amountGeneral Ledger Posting
AP will be debited under the original exchange rate upon material receiptCash will be credited for the amount under the current exchange rate Difference will go to the Currency Variance Account
General Ledger
All postings in the General Ledger can be viewed in Home and Foreign Currency amounts
Summary
Turn on foreign currency in the system Understand how foreign currency works
System Setup Entering Foreign Currency transactions
Orders, Receivables, Payables
For More Information…
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