Activate Currencies

Use the Activate Currencies page to identify the monetary currencies that your enterprise uses and to set up exchange rates between currencies.

DPS lets your enterprise track its financial transactions and project performance using multiple global currencies. To learn more about how this works, read the Multiple Currencies section under Concepts.

If you enable the multiple currencies feature, your database automatically changes so that it can track multiple currencies and exchange rates. Additional fields display in the user interface to prompt you to enter currency-related information. After these database changes are made, you cannot reverse them. However, you can choose to not enable the multiple currency feature now, but enable it later, after you complete the Activation and Setup process.

To set up one or more currencies:

1. On the Activation menu, click Activate Currencies.
2. Select Yes or No for the question Do you need to track more than one currency. If you are using QuickBooks integration, you can use only one currency, so this question does not display.
3. Use the remaining fields on the Currency tab to enter information about your main currency, including the number of decimals to use and its name. The main (or functional) currency is the currency of the primary economic environment in which your enterprise operates. For example, an enterprise located in France normally uses the Euro as its main currency. For more information about the different currency types used in DPS, see the Currency Types help topic.
4. Complete one of the following steps:
   • If you use only one currency, click Done Activating Currencies to complete and exit the currencies activation. You do not need to complete steps 5-10.
   • If you use multiple currencies, click Enable Multicurrency, confirm your choice, and continue with steps 5-10.
5. Click the Multicurrency tab and click + Add Currency.
6. Enter each currency that you use and click Save.
7. Click the Exchange Rates tab and click + Add Exchange Rate.
8. Select a pair of currencies, enter an effective date, and enter an exchange rate. You do not need to enter information for one pair of currencies (for example, US Dollars to Yen) and also enter information for its inverse (Yen to US Dollars). In fact, doing so can cause incorrect results. Instead, enter information for one exchange (for example, US Dollars to Yen) and let DPS automatically calculate the inverse (Yen to US Dollars). For more information about how exchange rates work in DPS, see the Exchange Rates Overview section.

   Repeat this process for multiple currency pairs. You can also switch back and forth between these tabs, entering currencies and setting up exchange rates.

9. Click Save.
10. Click Done Activating Currencies.