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…

Prophet 21 Help FilesVisit Activant on the web: www.activant.com

View Educational Services course offeringsBrowse DocumentationSearch the Solutions databaseSubmit a Support case

Email Consulting Services consult-sales@activant.com

Email Professional Services Salespss@activant.com