You use the Currency Codes application to define and manage
currencies. A currency code is a user-defined value that represents
a currency. For example, CND represents the Canadian dollar.
The Currency Codes application stores currency codes at the system
level. All organizations can view, use, and add currency codes. After
you create an active currency code, you can use that currency code
in applications that have a Currency field.
For example, the Purchase Requisitions application, Purchase Orders
application, Invoices application, and Companies application have
a Currency field.
Though you use the Currency Codes application to define currencies,
you use the following applications to manage other aspects of currency
administration:
- Organizations - to specify the base currency for an organization.
- Exchange Rates - to specify exchange rates between currencies
for defined periods.
Foreign currencies
When you have purchasing
records in a foreign currency, the current exchange rate is used to
calculate the base cost in the currency of your company. Purchasing
records include purchase requisitions, purchase orders, and invoices.
Deleting currency codes
You can delete currency
codes that you are no longer using. You cannot delete currency codes
if they meet any of these conditions:
- The currency code is used in a Currency field
on any record (unless the status is closed or cancelled).
- The currency is used in an active exchange rate in the Exchange
Rates application.
- The currency is specified as the base currency for an organization.
- The currency code is referenced in the following tables: PO, PR,
COMPANY INVOICE, MATRECTRANS, MATUSETRANS, SERVRECTRANS, INVOICETRANS,
and RFQVENDOR (unless the records are flagged as history or inactive).