A currency code is defined for a specific currency, for example AUD for Australia Dollar, GBP for Great Britain Pounds, and so on. You should have at least one currency code set up for your system, being your primary currency. If you accept other currencies at POS, or you deal with suppliers who use different currencies, you should set up a currency code for each currency. The Currency Code function is used to maintain the currency codes.

You can then set the Currency Codes on the Defaults tab of System Settings. As you add new locations or suppliers, they will use these default currencies. However, you can change the currency codes for each specific supplier and location.

As you enter new costs on an item, the currency of those costs will be the currency of the supplier. As you enter new sells for an item, the currency of those sells will be the currency of the location.

If you use only the one currency code, you don't have to set up any currency rates. However, if you use more than one currency, you need to tell the system how to convert one currency code to another. The Currency Rates function is used to define these rates.

The currency rates are not two way. You can't set up an exchange rate for AUD to GPD and use this same rate to convert GPD to AUD. You need to set up one rate for AUD to GPD and another for GPD to AUD.

Depending on the System Setting # of Currency Rates to Show used to specify how many/which dates to display exchange rates, currency rates can show previous exchange rates.

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