Global Preferences - Currency - General
RP Prism is designed to be used globally, with almost any currency. Each Subsidiary is assigned a Base Currency. If any stores in the subsidiary take foreign currencies, you can define exchange rates for those currencies. Exchange rates are calculated against the Base Currency.
In the Currency > General area of preferences, you can add and edit currencies (including exchange rates and denominations).
Basic Steps for adding currency and exchange rate
1. If not already available, add the new currency in Global Preferences > Currency > General.
2. Add the denominations in Global Preferences > Currency > General.
3. Enter Exchange Rates for currencies in Global Preferences > Currency > Exchange Rates.
4. Assign a specific currency to individual stores as needed.
Beginning in Prism 2.2, when working with the list of currencies (Admin Console > Global Preferences > Currency), users can:
- Search for a currency
- Deactivate/activate a currency
- Display active, inactive or all currencies
These search and filter elements make it easier to navigate and work with the list of currencies.
Search for a Currency
Type any or all characters of the currency name and click the Search button or press the
Activate/Deactivate a Currency
To activate/deactivate a currency, select the currency and click the Activate/Deactivate button. The Active column changes to True/False. The Denomination grid now also displays active status in its columns.
Filter by Active/Inactive Status
To filter the list of currencies by Active/Inactive status, click the Active or Inactive buttons at the top of the list. To view all currencies, click the All button. If filtering by active or inactive currencies, users have the option to "activate all" or "deactivate all". Doing so updates all items in the results and changes the grid to display the opposite filter (so the user will see all newly activated/ deactivated items).
Add New Currency
Click the New Currency button at the bottom of the currency list.
Enter details for the currency. The abbreviation should be the ISO three-character abbreviation, if available.
New Currency Fields
| Currency field | Description |
|---|---|
| Name | Name of the currency. |
| Abbreviation | (Required) An abbreviation for the currency (USD, JPY, EUR, etc.). Three characters maximum. |
| Discrepancy | Enter a discrepancy amount. This is the amount by which Retail Pro will automatically modify the conversion rate, if necessary. |
| Rounding | Select the smallest amount that you want to round to. If you select "No," then you will still round to the number of decimal places assigned to that currency in System Preferences > Local Preferences > System > General. |
| Decimals | Choose the number of decimal places to be displayed for the selected currency: None, One, Two, or Three. Select none for currencies such as the Yen, which do not use decimal places. If the currency does use decimals, select the number used. For example, the US Dollar and Euro use two decimal places. |
| Loyalty Rate | The Loyalty Rate is applied (along with the multiplier) to each total-based program and is meant to be used with foreign currencies that are deemed to be worth less/more in terms of loyalty points than the base currency. The Loyalty Rate is a way of saying, "This is the number of currency units (dollars, pesos, yen, etc.) required to receive one loyalty point. For example, if the program's Earn Multiplier is "1" and in the Currency grid in the line for USD "Loyalty Rate" is set to 2, then it means that "2 USD = 1 Point." On a $100 purchase the customer will receive 50 points. If the Loyalty Rate is set to 3, on a $100 purchase the customer will receive 33 points. If the Loyalty Rate field is null or blank, Retail Pro will automatically set it to "1." How Loyalty Rate is used in Total Based Programs Points earned = (Total * Earn Multiplier) / Loyalty Rate When redeeming points, the cashier enters the number of points the customer wishes to redeem in a special dialog. The discount is calculated by taking the entered points * (Redeem Multiplier * Loyalty Rate. |
| Active | If selected, indicates the currency is active and can be used in Prism. Default = active. |
New Denomination
After you define a new currency, add the individual denominations for the currency that you will use.
1. Select a Currency in the list.
2. Scroll down to the Denomination area. Click New Denomination.
3. In the Bill/Coin field, enter a name or reference for the currency.
4. In the Multiplier field, enter the multiple, relative to the currency's base amount, then press
5. In the Order Number field, enter the denomination's relative order number. For example, for a U.S. penny, the Order Number is 1, because there is no lower denomination. For the U.S. Dollar, the nickel (0.05) would have Order Number of 2.
6. Click Save and exit
Note: You can edit or delete denominations, if needed by clicking the appropriate button in the Denomination list.
Denomination list for a currency.
Non-Currency Type
The Non-Currency Type indicates that the tender is a non-currency tender. You can optionally list non-currency tenders on Z-Out reports.