Currencies

If you order material from vendors who require payment in a foreign currency, you must create a code for the currency. The currency code defines the currency’s exchange rate and is used to calculate encumbrance and expenditure amounts for orders from foreign vendors. You enter currency codes on vendor records, PO headers, and statement headers.

After you define a currency, you can enter it on a vendor record. When you create a purchase order or statement for a vendor, Horizon completes the currency field with the currency on the vendor record.

When you create a purchase order or record a statement from a vendor, enter the amounts in the currency used by the vendor. Horizon will automatically convert the amount to your accounting agency’s currency to calculate the on-order and spent amounts (based on the exchange rate you enter for the currency).

Notes:

Do not create a code for the currency used by your accounting agency. You do not need to enter a currency on purchase orders or statements for vendors that use the same currency as your accounting agency.
You should create currency codes only for currencies you need to use.
You should use the ISO 4217 currency code for your currency code.
Exchange rates can change frequently. You should update the exchange rates of your active currencies periodically to encumber and expend funds accurately.

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