Introduction

Syrinx can be enabled for foreign currency trading (multi-currency), such that you can designate a new customer account as a foreign currency account, and then hire/sell to that customer using their native currency.   Foreign currency suppliers can also be set up in the system to accommodate purchasing of sales/hire stock in the supplier’s native currency.

Configuration

Syrinx Configuration – Enabling Multi-Currency Operation

The multi-currency feature is turned off by default.  To turn the feature on, you must first create a new user defined role (with no access) and add the menu options System Setup.Exchange Rates and Cfg.Accounts Setup.Currencies to the role:

You must then grant access to this new role to the user(s) responsible for configuring the feature and setting the exchange rates.  Or, you can simply grant these menu options to any custom roles linked to a user who requires access to this functionality.  Then exit and restart Syrinx Configuration, and go to the ‘Accounts Setup’ / ‘Currencies’ menu option.  Older Syrinx version will display the below screen the first time you open the menu and the user will be prompted to enter the base currency as well as the (first) foreign currency:

Newer Syrinx versions will simply prompt for a base currency value:

Note: The options in the dropdown menu in both screens are common defaults and the Name, Code and Symbol values can be manually overridden if the base currency is not Pound Sterling or Euros.

The system warns you if the system option for using posting files is set (as this does not support foreign transactions) and to note that the accounts system must have the same base currency:

When you press OK, the system is then configured for multi-currency.

Syrinx Configuration – Currencies screen

The next time you chose the ‘Accounts Setup’ / ‘Currencies’ menu option, it opens the Currencies screen which allows you to amend existing currencies or add new currencies:

Pressing the ‘Amend’ button for a particular currency lets you specify the code for that currency within the accounts system, plus a default tax code to be used for any new customer accounts created in this currency:

System Setup – Setting Exchange Rates

To set the current exchange rate, go to System Setup / Exchange Rates screen in the main Syrinx program:

This shows current rates as set in the system, and shows the user/date that the rate was last set.  Press the ‘Amend’ button to change the rate, or indicate which date that the rate is valid up to:

Multi-Currency: Customers 

Entering a Foreign Currency Account Customer 

When entering a new account customer, the customer is assigned automatically to the base currency.  After pressing OK you should chose the option to amend the details of the existing customer, and use the Account tab to set the currency:

The currency may be amended by pressing the […] button.  If any advice notes, hire contracts or agreed rates have been entered, then the customer’s currency cannot be amended.

Note: There is no way currently to retrieve the exact currency balance and aged debt figures from Sage Line50 – these are always returned in base currency.  Therefore the values retrieved are estimated using the current exchange rate as held in Sage.

On the Insurance tab, the insurance cover amount is entered in the customer’s own currency, as a company will typically arrange for insurance cover from an insurance company based in their own country:

Customer Pricing Agreements.

When the ‘Pricing’ button is pressed for a foreign currency customer, that pricing agreement is created in the same currency as the customer:

On the Sales/Charges tab, again the agreed Sale Price is entered in the customer’s currency.  The latest purchase prices of sales stock items are held in the base currency, so for consistency on the screen, this price is converted to the customer’s currency using the current exchange rate:

The ‘Copy From’ button on this screen restricts to copying only from agreements of the same currency, and again the ‘Add Customer’ button will only allow customers of the same currency to be added to a shared pricing agreement.

When the pricing agreement is printed, all prices are shown in the customer’s currency:

Query Customer screen

The customer’s currency is shown on the ‘Options’ tab, and the Credit Limit / Balance are displayed in the customer’s currency.  

Amend Customers – Get Price.

Get Price button – this screen shows rates and prices in the customer’s currency.   If the customer has an agreed rate/price, then this is displayed ‘as is’, otherwise the standard rate/price in the customer’s currency is displayed.  If there is no standard rate/price in the customer’s currency, then the standard rate/price in the base currency is converted to the customer’s currency using the current exchange rate.

Conversion of Prospect to Account Customer

When a prospect is converted into an account customer, then they are by default given a base currency account.  This may be changed manually to a foreign currency account if required.

Amend Customers – Previous Hires / Sales.

These are always shown in the customer’s own currency.

Standard Hire Rates / Sales Prices

Hire Rates

If multi-currency is enabled, the Hire Rates tab in the ‘Amend Hire Category’ screen now has a ‘Foreign Currency’ button that can be used to enter standard rates in the foreign currency:

The ‘Default From Base Rate’ button sets the rates by taking the standard rate in the base currency, and then applying the current exchange rate.

The ‘Agreements’ button on the Hire Rates tab shows any customer pricing agreements set up for the selected hire category.  Because agreements can be set up in different currencies, this now indicates if the agreed rates displayed are in a foreign currency:

Hire Stock List

When in the Hire Stock List screen, if you press the ‘Show Rates’ button, there is now a Currency drop-down that can be used to show the standard rates in the foreign currency:

Sales Stock Items.

The Sales Stock Item Detail screen has a Foreign Currency tab that can be used to set a standard price in the foreign currency:

Sales Item Reports / Price List.

When printing a Sales Item price list, you will be prompted for the currency.  If a foreign currency is selected, then the report shows the standard price in that currency (if one is set), else the base currency price converted using the current exchange rate.

 Multi-Currency: Hire Contracts / Advice Notes / Customer Service Jobs

Enter / Amend screens

When entering a new hire contract, advice note or customer service job, all values are entered in the local currency.    When entering a foreign currency rate/price, pressing F5 with you cursor in a price field will bring up a screen to allow the value to be entered in either the base or foreign currency:

Cross Hires

When entering cross hire details, all supplier rates are entered in the supplier’s local currency.

Hire Breakdowns

Prices on all Hire Fleet Service Jobs (including Hire Breakdowns ) are recorded in base currency.  If parts or labour are to be recharged, then the re-charge amounts are entered on the service job in the base currency.  When the job is completed and the damage note created, these values are then converted into the customer’s currency on the damage note.

Unconfirmed Advice Notes / Damage Notes.

Because the list of unconfirmed advice notes may contain advice notes raised in different currencies, for consistency all values shown in the unconfirmed list will be converted to base currency.

Invoicing

Invoices are raised in the customer’s local currency.

The exchange rate (to be used when posting the invoice to the accounts) is saved onto the invoice at the time that the invoice is confirmed.  On confirming any invoice, the system checks that the current exchange rate is still valid, and if not, then an error is issued:

In this event, you must either back-date the invoice, or update the exchange rate with the latest rate.

Query Invoice.

For foreign currency invoices, the Query Invoice screen now shows the exchange rate used:

Sales Invoice Reports.

The invoice values shown on the various invoice reports are converted to base currency using the exchange rate active at the time the invoice was confirmed.

Multi-Currency Purchasing

Entering a Foreign Currency Supplier

When entering a new supplier, the supplier is assigned automatically to the base currency.  After pressing OK you should chose the option to amend the details of the existing supplier, and use the Account tab to set the currency.

The currency may be amended by pressing the […] button.  If any purchase orders, purchase receipts or purchase invoices have been entered, then the supplier’s currency cannot be amended.

Purchasing

All purchase prices entered on purchase orders, purchase receipts, purchase invoices and agreed prices are shown in the foreign currency supplier’s own currency:

When the open purchase orders report is printed, it shows all orders in the supplier’s own currency but the report total is shown in the base currency:

Purchase Receipts / Invoices

All purchase prices on purchase receipts and purchase invoices are shown in the supplier’s own currency, but the sale price is shown in base currency:

When a purchase receipt or a purchase invoice is confirmed, the purchased sales stock item’s latest purchase price is updated using the base currency equivalent of the receipt’s foreign currency, calculated using the current exchange rate.
 

The calculated base currency value of the unit purchase price is used to update the average purchase price of the stock item.

Accounts

Sales Stock Sales Reports.

All Sale Prices on the Sales Stock Sales reports are converted to base currency, as are sales prices shown on the transactions screen.

Hire Fleet Income.

The income figures calculated for a hire fleet item are converted to base currency on the Income tab, plus on the utilization reports.

Nominal Codes.

The Nominal Codes screen in the Syrinx Configuration program allows users to set override nominals against specific nominal codes so that the system will link the alternate code to invoice lines when are used on a foreign currency invoice:

Transfer to Accounts

Customers are responsible for verifying that their accounts package is licensed for and supports multi-currency operations before enabling the feature in Syrinx.  New foreign currency customers and suppliers should be set up in Syrinx and transferred to Sage (as with normal customers and suppliers).