--- title: "Foreign Currencies - FYC" canonical: "https://kb.myframeworks.com.au/space/PROSTIXV48DOC/31101475/Foreign%20Currencies%20-%20FYC" format: markdown --- Goal: In order to use the foreign currency functionality within purchasing, there is a need to first define the currencies that will be used as well as Currency Exchange Rates between the base (local) currency and the overseas currency of the supplier. Steps: 1. From the ' Main Menu ' select options - ' System Administration ' - ' Configuration ' - ' Miscellaneous Tables ' - ' Import Data ' - ' Foreign Currencies '. 2. The list of currencies can be edited using the standard Delete, Add and Change keys. Note: Any deletion will require a secondary to confirm deletion or any other key to cancel deletion. The Code is the 3-character ISO code. 3. The currency of the supplier then needs to be defined so that the traded currency of the supplier can be derived for any transactions. From the 'Main Menu' select options - 'Accounts Payable' - 'Supplier Maintenance' - 'Trading Terms'. 4. ' Import Supplier ' also needs to be set to ' yes '. The currency defined against the supplier will be the primary currency used by that supplier and it can be changed at the time of purchase order creation. 5. Note that any enquiries or reports for a supplier balance will be done using the local currency since a supplier purchase order may be made in any currency and the local currency is the only common currency. 6. Foreign Banking Details. The existing supplier banking details screen still exists for local suppliers. For any supplier marked as an import supplier, the foreign banking details screen is displayed: 7. The Bank Number is as per the existing bank number for local suppliers as is the Customer Reference Number . 8. For overseas bank accounts, a SWIFT code or Bank Identifier Code (BIC) is required. This is either an 8 or 11 character field. At this point in time, there is no validation performed upon this field. 9. The bank Account Number is not an integer but is a character field 28 characters long. Within local bank account details, this field is restricted to 9 digits which is not long enough for countries such as China. By also having the field accept characters, it allows for future changes when standards such as International Bank Account Numbers (IBAN) expand outside of the European Union. Currently the US and China do not support IBAN. Currently the only validation on the bank account field is that no spaces should appear within the bank account number. Review: You can now: Define foreign currencies.