Currencies
The Currencies setting is a foundational configuration for global trade within the ERP. Most major currencies from around the world are pre-populated in the system by default, allowing you to start recording international transactions immediately. This section allows you to manage these definitions, set how fractional units (cents, fils, etc.) are named, and enable automatic rate fetching to keep your financial valuations accurate.
Currency List Summary
This dashboard allows you to browse and manage the large library of available global currencies:
- Abbreviation: The standard three-letter ISO code for the currency (e.g., AED, AFN, ALL).
- Symbol: The graphical representation of the currency (e.g., ₹, $, €).
- Currency Name: The full legal name of the currency (e.g., UAE Dirham, Afghan afghani).
- Hundredths Name: The term used for the minor unit of the currency (e.g., fils, cent, paisa).
- Country: The primary nation associated with the currency.
- Auto update: Indicates if the system is configured to automatically pull the latest exchange rates from external financial services.
Adding a New Currency
While the system comes with an extensive list, you can manually add a unique or custom currency using the "Add Currency" modal:
- Currency Abbreviation: Enter the unique shorthand for the currency.
- Currency Symbol: Enter the symbol to be displayed on invoices and reports.
- Currency Name: The formal name for identifying the currency in dropdowns.
- Hundredths Name: Define the sub-unit (e.g., for INR, this would be "paisa").
- Select Country: Links the currency to a specific country for tax and regional settings.
- Automatic exchange rate update: A checkbox to allow the system to synchronize this currency's value against your base currency daily.
Global Accessibility
The currency setup serves the following functions:
- Multi-Currency Banking: Allows you to open bank accounts in different denominations.
- International Sales: Enables invoicing customers in their local currency while tracking the value in your base currency.
- Reporting: Forms the basis for the "Revaluation of Currency Accounts" to track gains or losses due to market fluctuations.
Action Icons
- + Add New: Use this if you need a specific currency that is not already in the pre-populated list.
- Edit (Pencil Icon): Adjust the sub-unit names or toggle the auto-update feature for an existing currency.
- Delete (Trash Icon): Remove unused currencies to declutter your dropdown menus (cannot be deleted if used in a transaction).
Note
Most of the currencies from around the world are already populated here by default. You only need to use the "Add New" feature if you require a highly specific or extra currency that is not currently visible in the list.