Financial Settings

You can use the Financial Settings tab to manage financial settings, such as when the fiscal year starts, whether the use of multiple currencies is enabled, or whether a fiscal provider is associated with your organization's fiscal calendar. The default currency is the United States dollar (USD); the default currency can only be changed when there are zero resources, resource teams, roles, or items. When multiple currencies are enabled (and after currency rates are defined for each added currency), users will be able to view currency data that is concerted to the preferred currency.

If you enable multi-currency support, you can add the currencies that your organization uses, and define the currency exchange rates at regular intervals, or whenever necessary. The first exchange rate added defaults to an effective date of 1/1/1900, which cannot be changed. This is done to allow for an exchange rate to be in effect for historical analysis. Each time you add a currency to the list of supported currencies, you need to provide a rate of exchange for each effective date defined.

The Financial Settings tab helps you define the fiscal year, including when it starts and how the numbering for that year is handled. Typically, a fiscal year is numbered by the current year, that is, the year of the ending month. For example, if the fiscal year ends in June 2008, the fiscal year is 2008. You can also select to number your fiscal year by the following or previous years. For example, using the previous year setting, if a fiscal year ends in June 2008, the fiscal year is 2007. The numbering for your fiscal year should be defined by your organization's fiscal reporting policies.

Users in your organization may have trouble viewing currency symbols. This is often because of font settings in the user's browser that don't support the currency symbol associated with their preferred currency. Having users change their font settings usually resolves the issue; sometimes adding specific font support for currency symbols is necessary.

Adding a currency

If your organization needs to use multiple currencies, enable the multi-currency option, and then choose from the list of available currencies. After you have added a currency, you can associate an exchange rate with it.

To add a currency

From the application toolbar, click Setup, and then select System Settings.
Select the Financial Settings tab.
Enable multiple currencies: select Multi-currency.
From the list of available currencies, move the ones that you want into the list of supported currencies.
Click Save.

Adding an exchange rate

If your organization has added currencies, you will need to define a currency exchange rate for each of them. The first exchange rate added defaults to an effective date of 1/1/1900, which cannot be changed. This is done to allow for an exchange rate to be in effect for historical analysis.

To add a currency exchange rate

From the application toolbar, click Setup, and then select System Settings.
Select the Financial Settings tab.
Ensure that multiple currencies are enabled and that the currencies your organization want to use are supported.
For each supported currency, enter an exchange rate.
Click Save.

Copying an exchange rate

You can create a new currency exchange rate by copying one that is already there.

To copy a currency exchange rate

From the application toolbar, click Setup, and then select System Settings.
Select the Financial Settings tab.
Ensure that the Multi-currency check-box is enabled.
Select the exchange rate contour row you want to copy.
Click the Copy Contour button.
A new exchange rate contour row is created with the exchange rates copied from the selected row.
Enter a new date in the Effective Date column, and edit the required figures for the currency exchange value(s).
Click the Save button.

Deleting an exchange rate

An exchange rate contour can be deleted, if it was created by mistake. For historical purposes, if the exchange rates change, a new exchange rate contour should be added rather than deleting the existing contour.

To delete a currency exchange rate

From the application toolbar, click Setup, and then select System Settings.
Select the Financial Settings tab.
Select the exchange rate contour row you want to delete.
Click Delete. The row is deleted from the list.
Click OK.

Editing the default currency

If your organization has added currencies, you will need to define a default currency for the system. Individual users can overwrite this default to select the currency they would like to use.

To edit the default currency

From the application toolbar, click Setup, and then select System Settings.
Select the Financial Settings tab.
From the Default Currency drop-down, select a currency.
Click Save.

Setting the fiscal year

Enter your organization's fiscal year settings. If your organization's fiscal months, quarters, and/or years do not correspond to a calendar month, quarter and year, you may want to enter a fiscal pattern.

To set the fiscal year

From the application toolbar, click Setup, and then select System Settings.
Select the Financial Settings tab.
From the Fiscal Year Starts drop-down, pick the month with which the fiscal year for your organization begins.
From the Fiscal Year Numbering drop-down, choose the year with which the fiscal year for your organization ends.
Click Save.