Currency Maintenance |
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Access from Financial/Nominal Utilities via the Utilities Menu
It is through Currency Control that new currencies may be added and the "Home" currency defined. It is also through this option that currencies can be converted to another in the event of a currency being made obsolete (as with the event of the Euro within Europe).
Each currency is added with a description. "Home" currency is shown by the
If a currency is made obsolete, it should not be removed but "Triangulated" to the succeeding currency. This is so any historic transactions can still be statistically reviewed and valued at the new currency without amending the transactions.
The purpose of "Triangulating" the currency and not simply revaluing to the new, it to allow the conversion back to the Home currency for financial analysis. |