Collection Explorer ◢Places/Organization/Persons group ◢Currencies collection

Purpose

Defines currencies for purchase and dispositioning costs.

Where used

Countries, parts

Data fields

Name

This is the name of the currency.

Currency code

The system uses the ISO standard 3-character currency code. With the important exception of the Euro (EUR), this code typically consists of a 2-character country code prefix, followed by a one-character currency letter: for example, Japan:Yen=JPY, Switzerland:Franc=CHF, Canada:Dollar=CAD.

Exchange rate

This numeric value defines how many units of a currency that another currency can buy. The currency exchange rate is referenced to the default currency (Default collection member is marked).

This value represents the number of units required to purchase a single default currency unit. That is, there are [this currency's exchange rate] units per [default currency] unit. The default member's exchange rate is, by definition, equal to 1.

Example: It costs 100 Japanese Yen (JPY) to purchase one United States Dollar (USD). If the default currency member isUSD (exchange rate = 1), then the exchange rate for JPY would equal 100. Conversely, if theJPY member is the default currency (exchange rate = 1), then the exchange rate for USD would equal 0.01.

Exchange date

This specifies when the exchange rate was acquired.

Active: users can select
Default member of collection
Permanent member of collection

After marking an inactive member as Active, update the Exchange rate value.

After setting a Currencies collection member as the default, update all activeExchange rate values.

See the Managing collections: Common attributes help topic.

Setup

Although the collection members will change infrequently, if you do much business using other currencies you may wish to schedule regular updates to the exchange rate information.

2015