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Calculate Currency Factors

Updated

GoldFinch Sales Transactions

  • Sales Orders:
    • The Order Date is used to retrieve the Exchange Factor.
    • The Currency Code is used to determine the Unit Price for the Sales Order.
  • Sales Invoices:
    • The Invoice Date is used to retrieve the effective Exchange Factor.
  • All amounts and costs are converted using the Currency Factor.
  • Fields starting with "GL" (e.g., GL Line Amount, GL Line Cost, GL Discount) track amounts, discounts, and costs in the base currency.
  • GL Amount is used to post GL Entries, and GL Cost is used to post Inventory Cost Entries.

GoldFinch Purchase Transactions

  • Purchase Orders:
    • The Order Date is used to retrieve the Exchange Factor.
    • The Currency Code is used to determine the Unit Cost for the Purchase Order.
  • Purchase Invoices:
    • The Invoice Date is used to retrieve the effective Exchange Factor.
  • Costs are converted using the Currency Factor, and fields starting with "GL" track costs in the base currency.
  • GL Cost is used to post GL Entries and Inventory Cost Entries.

GoldFinch Customer Receipts and Vendor Payments

The Document Date is used to retrieve the Exchange Factor.

Multi-Ledger Currency Factor Calculations

If Multi-Ledger is enabled, the Exchange Factor is calculated using the transaction’s Currency Code Exchange Rate divided by the GL Ledger’s Base Currency Code.

Example:

  • Corporate currency: USD
  • CAD Exchange Rate: 1.32
  • EURO Exchange Rate: 0.89
  • If the base currency for a GL Ledger is CAD, the Currency Factor for EURO transactions is calculated as:
    0.89 / 1.32 = 0.067424

Multi-Currency GL Accounts Setup

  • You can share the same GL Accounts across multiple GL Ledgers

For more information on configuring Foreign Currency Bank Accounts, read this guide: Configure Foreign Currency Bank Account

GoldFinch Work Orders and Item Journals

  • All inventory transactions use the Company’s Base Currency Code.
  • If a GL Ledger is specified, inventory transactions will use the GL Ledger’s Base Currency Code.
  • No Exchange Factor is required for these transactions.

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