Configuring Currencies

Overview

A currency denotes the monetary value for an invoiced or costed item.

A laboratory links to a currency for job costs and financial reports, and the laboratory currency is presented as the default currency for a new client, after which, the client's currency can be updated.

The client's currency is presented as the default currency at job invoice creation, after which, the job invoice's currency can be updated. The job invoice's selected price book must match the job invoice's currency. If left empty, the system attempts to find a price book for the matching currency based upon the client's price catalogue configuration and job registration date. Therefore, any change to currency on a job invoice will, most likely, require a change to the price book used.

Upon determining invoice prices, the prices are also stored in the laboratory's currency, using exchange rates between the invoice currency and laboratory currency, if required. It is critical that exchange rates are in place to allow conversion when creating these laboratory financial records.

When creating a financial report for a laboratory, the option exists to use the selected invoice currencies, or the laboratory's currency.

Downstream Dependencies

Currencies must be defined before price books can be created and before costing and invoicing can occur.

Process

Currencies are configured using the MSECUR—Currency application, accessed using the Invoice Setup » Currencies menu option.

Currencies are stored as System Table Codes with a Table Type of 4127—Currency codes. A system table code is an item in a system table of a given table type, in this case, 4127, where the table content is used to provide a simple list of items.

Since the MSETBL—Table Code Service application only gives access to the currency's Description and can change a currency's Active flag, the MSECUR—Currency application is primarily used to configure currencies.

Configure currencies

Currencies returned from a search can be exported to a report. Refer to Generating Grid Reports. Available report templates are defined in the SEARCH_REPORT_MSECUR application preference.

Currencies are scoped by the instance, that is, they are not tied to an organisation or laboratory.

A currency has the following properties:

  • Currency code and Description
  • Minor Unit digits for the minor value, for example, 2
  • An optional Major Unit Name, Minor Unit Name and Symbol, for example, dollar, cent, $
  • Active flag
  • Multiple exchange rates, each having:
    • An Effective Date
    • A Factor that is used to convert invoices in currencies other than in the laboratory's currency, to the laboratory's currency, since financial reporting requires consolidation into a single currency.

A price code that is linked from a laboratory, client, quote, price book or job invoice cannot be deleted.

If exchange rate history is deleted, the system ensures that at least one exchange rate is retained.