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  • Writer's pictureEH Lim

Same customer with multiple currencies

In a multiple currencies environment, every name (customer or supplier) has tagged a currency. For example, if you trade with the customer in US Dollars, you tagged US Dollars currency to the name (under the Pricing & Terms tab) and the US Dollars Accounts Receivable account will automatically insert into the Receivable field.

If you have more than one US Dollars Receivable accounts, such as one for the Trade Receivable and another for Non-Trade Receivable or Inter-Company Receivable, MoneyWorks allows you to preset the Receivable account in the name profile. It posted to the respective receivable account when the name has used in a transaction.

In the General Ledger, the foreign currency account, which can be a Bank, Accounts Receivable and the Accounts Payable type of account are represented by two accounts. MoneyWorks uses the main account, which you have created, to capture the value of the foreign currency and another "Delta" account to store the differences between the value of the foreign currency and the base currency. Unlike those accounts which you have created, the Delta account, which is a system account, is hidden from the accounts list.

Since the currency used is defined in the name profile, you cannot change it at the transaction level. Multiple names have to be created if you trade with the same customer in multiple currencies. For example, two names have to be created, one for the US Dollars and another for the Singapore Dollars, if you are trading with the customer in both US Dollars and Singapore Dollars. MoneyWorks will treat them as two separate customers since they are in a different currency.

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