Currencies

Currencies

Unlimited currencies can be setup through the Currency Window (Control Table > Currency). Currencies must exist or be setup before data entry begins. Check to see if the currency you are using is setup. If only one currency is being used, this is your Base Currency, which must have a Budgeted and Current Rate of 1.0000. If multiple currencies are used, one of the currencies must be the Base Currency. All other currencies should have their exchange rates entered and are calculated as a multiple of the Base Currency (currency that all other currencies are converted to).

Important things to remember with currencies:

1. Never post a Journal between currencies (otherwise your TB won’t balance). Use currency clearing accounts.

2. When working in the Budget Worksheet you can set it to show one currency at a time via the Setup Tab.

3. You need to set an ex-rate for each currency and if the funds are not hedged take up an exchange gain/loss when converting money.

Open

Buttons

Insert - Add a new currency.

Change - Change a highlighted currency.

Delete - Delete a highlighted currency.

Reports - Create a currency report.

Excel - Export the selected record(s) into an Excel worksheet.

Select All - Selects all entries that appear on list.

Help - Provide help on selected topic.

Note: Currencies cannot be deleted, only changed if the currency is being used in the program. Currencies that are being used will be flagged accordingly.

To create a new currency

1. In the Main Menu Bar select Control Table > Currency
   
   

2. Press the Insert button on the screen above. The CURRENCY DETAILS window will pop up as shown below.
   
   

   Open

   

   
   3. You will need to enter in all the data for the below fields.
   
   Fields

   Currency Code - 2-digit alpha currency code representing the currency type, usually an abbreviation of the currencies name (e.g. AU). This currency code will form part of the chart of account chart sort. See Chart of Account Structure
   
   

   Description - Name of currency.
   
   Currency - Name of currency.
   
   Country Code - The 3 character ISO 3166 Alpha-3 currency code from https://en.wikipedia.org/wiki/List_of_ISO_3166_country_codes. This will determine the currency symbol used in Eclipse and on PO Templates.
   
   For Example:
   United Kingdom = GBR
   Australia = AUS
   Japan = JPN
   USA = USA
   Spain = ESP
   Hungary = HUN
   Euros = There’s no code for Euros, but you can use a country using the EU currency and it will use that euro currency symbol.
   
   
   

   Budgeted Rate - Currency exchange rate that the production is budgeted at. If your currency is a Base Currency, then enter the the rate as 1. If your currency is not a Base Currency, enter the rate in as a factor of your Base Currency.
   
   

   Current Rate - Current exchange rate indicating average currency rate. Keep this the same as the Budgeted Rate if you do not have one.
   
   

   Rate Date - The rate date of the current exchange rate.
   
   Tax Code - The default tax flag for this currency. E.g. VAT at 20%, GST at 10%.
   
   No Tax Codes - The default no-tax flag for this currency. E.g. N flag for No Tax.
   
   

3. Click on Language equiv tabs to check Language Equivalent for written numbers. These are fine to be left as default. These are for the written numbers that are printed on cheques. If any number field is left blank, it will leave the corresponding field on the cheque blank.

    

4. Click OK to save and create the new currency
   
   

Scenario

A production is filming in Melbourne, reporting in Australian Dollars and funded from the United States of America. The Base Rate is AU = 1.0000, while the US budgeted rate = 1.7500 Therefore,$US100 of investment funds would appear on the Trial Balance as AU$175.00 assuming the report was run in Base currency.

You are working on a co-production between an Australian and Canadian Production Company with the bulk of production shooting costs to be spent in Australia and Producer and Post Production costs to be spent in Canada. You have been told that you will need to consolidate your Cost Reports in AU$. Your base currency in this case will be AU$. When processing Australian costs always make sure your default currency is set to AU. When entering Canadian costs from details sent to you from the overseas Canadian Company make sure you change your currency to CA from the drop down list.

At run time you will now be able to produce Consolidated cost reports in base AU or CA currency and cost reports in AU or CA.

Tip

When creating new account codes in chart of accounts for an overseas Company in a Co-Production situation make sure that you select the correct currency then when you enter the Budget & EFC it will be then in the native currency. Currencies cannot be deleted, only modified if the currency is being used in the program. Currencies that are being used will be flagged accordingly.