Concepts

Currency Types

•Functional Currency: Primary Currency in which the books of record are maintained. The currency in which an entity does business.

•Local Currency: Currency of the country where the business is physically located.

•Reporting Currency: Currency in which the entity reports financial statements. Reporting currency symbol options are US Dollar, Euro, and Japanese Yen. The default is US Dollar. It can be modified with a system parameter.

•Hyper inflationary Environment: When the cumulative rate of inflation exceeds 100% over the three year period, then FAS 52 requires USD to be the functional currency. The unit’s local currency should be set to USD.

 

Currency Options

•Currency Codes: There are pre-populated currency codes that can be expanded, as necessary, in the Manage Countries/Currencies screen.

•Thousands Separators: The system defaults to a comma (1,000.00) for the thousands separator. The comma can be changed to a period (1.000,00) with a system parameter.