Use this screen to activate or deactivate the European currencies that will be replaced by the Euro (the European Monetary Union's common currency).
You can use this screen for currencies that will not be replaced by the Euro, but we do not recommend such use.
Use this block to select the currency that will be activated or deactivated.
Currency *
Enter, or use Lookup to select, the three-character currency code. The only codes available in Lookup are those set up in the Currencies screen.
The field to the right displays the currency's formal name.
Use this block to specify the activation and expiration dates of the currency as well as its Euro exchange rate.
Use the fields in this group box to enter the Activation and Expiration dates for the currency.
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Note: We suggest you use the Currency Status group box only for currencies that have a limited period of use for your company. For normal day-to-day functions in Costpoint Multicurrency, the Currency Status screen is not necessary. |
Enter, or use the Calendar Lookup to select, the date on which you will begin entering transactions in this currency. This date can be the same as the Expiration Date, but cannot be later.
Enter, or use the Calendar Lookup to select, the last date on which transactions will be entered in this currency. This date can be the same as the Activation Date, but cannot be earlier.
Use the fields in this group box to enter information regarding the Euro currency status.
Select this checkbox if this currency will be absorbed into the Euro (European Monetary Union's common currency).
Selecting this checkbox will activate the following fields: Activation Date, Expiration Date, and Euro-to-Currency Exchange Rate.
Enter the date on which you will begin entering transactions in this currency. This date can be the same as the Expiration Date, but cannot be later. This date is not required unless you have selected the Converting to Euro Currency checkbox.
Currency Exchange Rates: The system will compare this date with the Starting Date for daily rates (in the Daily Exchange Rates screen) and the Period Start Date for period rates (in the Period Exchange Rates screen). If the Activation Date is after those dates, only then can you save the dates entered on the Exchange Rates by Period, Exchange Rates by Date, Period Exchange Rates, and Daily Exchange Rates screens.
Enter the last date on which transactions will be entered in this currency. This date can be the same as the Activation Date, but cannot be earlier.
Euro-to-Currency Exchange Rate
Enter the number that will be multiplied by the currency's value to obtain the Euro rate. You cannot enter negative numbers; therefore, this rate must be equal to or greater than zero.
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Note: Triangulation is a method of creating an exchange rate between two currencies, using a third common rate, when no direct rate (relationship) exists. For those currencies that will be changing to the Euro, you must always use the Euro to establish a rate between it and any other currency. Assuming that one unit of the functional currency (determined in the Currencies screen) is equal to .6 of the selected currency on this screen and assuming that the Euro is equal to .8 of that same functional currency, the Currency-to-Euro Exchange Rate would be 1.334 (.8/.6). 1 = One unit, functional currency .6 = One selected currency in relation to the functional currency(1 functional currency = .6 of the selected currency) .8 = One Euro in relation to the functional currency(1 functional currency = .8 of the Euro) Therefore, the relationship between the selected currency and the Euro is 1.334 (functional currency .6 x 1.334 = .8, the Euro). |
* A red asterisk denotes a required field.
Changes to this screen update the MU_CRNCY_STATUS (Multicurrency Currency Status) table.
