Currencies

Adding a new currency to your system is essential for managing international transactions, ensuring accurate currency conversion, and maintaining financial records.

To create Currencies,  goto    Banking > Settings > Currencies > AddNew 
                                                                                                         (or)
                                                            Setup > Banking >  Currencies > AddNew 

Fill in the Currency Details:

  • Currency Abbreviation: Enter the standard abbreviation for the currency (e.g., USD for US Dollar, EUR for Euro).
  • Currency Symbol: Provide the symbol associated with the currency (e.g., $ for USD, € for Euro).
  • Currency Name: Enter the full name of the currency.
  • Hundredths Name: Provide the name for the smallest unit of the currency (e.g., cents for USD, pence for GBP).
  • Select Country: Choose the country associated with the currency from the dropdown menu.
  • Automatic Exchange Rate Update: Check this option if you want the system to automatically update exchange rates for this currency.
Ensure the currency abbreviation and symbol are correct and standardized.Enable automatic exchange rate updates to keep the currency conversion rates current.

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