Currency Legal Entity
Currency Legal Entity extends a currency to the current company and says how its invoice and payment totals are rounded. A currency not extended here is not offered on the company's documents.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Currency | The currency extended | Only currencies not yet extended are offered. Locked after Create |
| Rounding Method | How totals are rounded | Required. See below |
| Rounding Precision | Number of decimals kept by the rounding | 0 rounds to whole units, 2 to cents |
| Rounding Difference Account | The account the rounding difference posts to | Used by the customer and vendor invoice screens |
| Block | Stop offering the currency in this company | |
| Module, Rounding Method, Rounding Precision (lines) | A different rounding for one module | A line for the vendor module (AP) or customer module (AR) replaces the header for that module |
Rounding Method
- No rounding (two codes behave the same): the amount is kept as it is.
- Round down: 4.70 becomes 4 at precision 0.
- Round up: 4.70 becomes 5 at precision 0.
- Round to nearest: 4.60 becomes 5 and 4.40 becomes 4; a half rounds away from zero.
The difference between the amount before and after rounding is what the invoice posts to the Rounding Difference Account. A currency with no record here is not rounded.
Scenarios
- Invoices in whole units, payments to the cent. Header: round to nearest, precision 0. No module line, or add one for the module that must keep cents.
What it is connected to
- Currency.
- Customer and vendor invoices and payments (see Customer Invoice, Collection, Vendor Invoice and Payment) - they apply the rounding.
If something looks wrong
- The currency is not in the Currency list on Create. It is already extended. Open the existing record.