FX General Ledger Overview
Foreign Exchange accounting, also known as FX accounting, is a financial concept that defines the reporting an organisations transactions in currencies different than their functional currency. When organisations do any cross-border trading they generate transactions in foreign currencies. To report these in financial statements the establishment of a FX General Ledger is mandatory.
The exchange rate of the foreign currency and the organisation’s functional currency continuously fluctuates on a daily basis, which is monitored by SapphireOne’s FX Currency Settings in Utilities/ Controls/ FX Currency Settings. This will dynamically change the value of the Vendors and Clients sub-ledgers. The use of foreign currencies will dynamically create an FX adjusting Journal, which will update the respective FX loss and gain General Ledger account.
FX General Ledger Inquiry Overview
The SapphireOne FX General Ledger Inquiry screen in General Ledger Accounts gives the user the ability to view information contained in all foreign exchange currencies and all General Ledger accounts.
The FX General Ledger Inquiry screen will display General Ledger accounts in all of the FX currencies currently installed in SapphireOne. If you would like to view General Ledger accounts in only the Master or local currency please use the General Ledger Inquiry screen.
The FX General Ledger Inquiry screen operates in the same way as standard General Ledger Inquiry. The only difference is that within this screen ALL of the FX General Ledgers are listed for viewing.
Displayed in the Sapphire Bondi Blue Demonstration screen above are FX General Ledger Account ID’s with Names that are assigned to them. The currency for a particular General Ledger is displayed in the first ID column as a suffix after the ID. The ‘M’ indicates the Master or local currency, and a three-digit ID for other currencies i.e. NZD and USD.
You can add currencies by navigating to Utilities / Controls / FX Currency. As you use the currency SapphireOne will create an FX Account for any General Ledger affected by the currency.
The second last column shows the side of the General Ledger these accounts operate on either Credit ‘Cr’ or Debit ‘Dr’. This helps indicate what financial information each account will contain. When read in conjunction with the Class column these explain the purpose of the General Ledger account and the type of information it will contain.
Within FX General Ledger Inquiry you are not able to Delete any General Ledger accounts.
However, the user does have the ability to make any General Ledger account Inactive. During normal operations SapphireOne will only print the accounts that are active.
How to Customise the Inquiry Screen
The FX General Ledger Inquiry window lists all General Ledger accounts for the Company the user is currently logged into, by default in the ascending order of the FX General Ledger ID. You can change the sort order by simply clicking on any of the column headings. You can also change the selected column by re-clicking the column heading to change it from ascending to descending, or vice versa.
You can adjust the order of the columns by clicking on the column and dragging to the left or right. Like other List Windows in SapphireOne, you can re-organise the information displayed by highlighting and using functions from the Options Menu.
You also have the ability to Swap to a Custom Inquiry Screen as detailed below.
All inquiry screens in SapphireOne offer the option to customise the list of items displayed on the page. This feature, known as Custom Inquiry, allows you to select the data fields to be shown and the order in which the columns of data appear across the screen. Although a client list is used as an example below, any type of inquiry can be customised within SapphireOne.
The list below represents the standard inquiry list, displaying a basic set of data fields for each client record:
Swap to Custom Inquiry
When you select the ‘Swap to Custom Inquiry’ button in the lower left-hand corner of the screen, SapphireOne will display the default Custom Screen, as shown below. This Custom List screen provides the user with two main options for organising the data display:
- To add or remove the data field columns displayed on the screen, click the ‘Setup’ button in the bottom right corner of the screen. Within the Setup screen, you can right-click on the column lines and choose from Delete, Move Left, or Move Right. More information on the Setup screen is provided below.
- To change the order in which the data field columns are displayed, click the ‘Setup’ button in the bottom right corner of the screen. Within the Setup screen, you can right-click on the column lines and choose from Delete, Move Left, or Move Right. More information on the Setup screen is provided below.
Once you have customised the Custom Inquiry screen, the screen view will be unique to you, and each time you log in, you will see the same custom view. You also have the option to select and save an unlimited number of custom views. This can be done in the ‘Setup’ screen, as detailed below.
The Inquiry screen below is the initial Custom Inquiry screen, which can be modified by the user.
Custom Inquiry Screen ‘Setup’ Function
To begin setting up your Customised List screen, click the Setup button, as shown above. The Setup screen will appear, as displayed below.
From this screen, users can add and remove data columns as needed. Almost every field within the SapphireOne data tables can be included in the Custom List screen, provided the user has the necessary authorisation.
The screen features several menu items across the top, which include:
- Reset to Default – Clicking this button resets the display to the default settings determined by SapphireOne. When you add a new data field, SapphireOne will place it on the right-hand side of the data columns. You can then click on the field heading and drag it to your desired location on the screen.
- Show Related Record – This option allows you to add related fields from other tables. By ticking the Show Related checkbox at the top of the screen, you can select a related record, and a mini view of that related record for the chosen entry will be displayed for the currently selected record. You will need to select the fields to be displayed.
- Favourite Set – Located at the top left of the screen, this option enables you to save a custom-created screen for future use. For instance, you can have a simple Inquiry screen for general use and a more complex screen view when auditing specific information.
In the Details Page you can only view FX General ledger accounts SapphireOne has created. You are unable to Modify any information on this page. All modifications are to be made using the General Ledger Inquiry screen.
General Ledger Area
This area displays the Account ID, Account Name, and Department ID.
Reporting Groups Area
This area displays the Class ID. From the Classes file the Group and Report positions are read. They control the structure of your Income Statement and Balance Sheet.
Data Entry Controls Area
This area displays if the account is on the Debit or Credit side.
This area displays any Notes entered that are linked to the account.
Dictation and Speech to Text Overview
SapphireOne’s implementation of both Dictation (MacOS) and Speech to Text (Windows) is a game changer for data entry. Any data entry field you can type into using a keyboard can use this feature.
You can also use this functionality on all inquiry screens within SapphireOne. For example, the user is in a Contact within a Client. They may have made a phone call to that particular client using the Softphone technology. Consequently, this will automatically date and time stamp both the contact and the phone number you called.
As soon as the call is completed, the user has the ability to use Speech to Text (Windows) or Dictation (MacOS). They can dictate into the memo field of the CRM contact, adding as much description as they require.
Dictation and Speech to Text Procedure
This functionality applies across every single Data Entry screen. For example, the SapphireOne user is entering a Vendor Invoice (VI). Additionally, you may want to add a memo within the Vendor Invoice (VI). The user can utilise the tool and simply dictate the memo.
Another example is if the user wants to add additional lines to the General Ledger account, within each General Ledger account. When the user is completing data entry using a General Ledger, there’s always a unique memo field for each GL account line.
The user can then utilise this feature to quickly add the information they need to add. Alternatively, you may have an interview with an employee. After the interview process is completed, the user can then make notes about the employee.
Speech to Text or Dictation is an extremely powerful tool. It is something that we at SapphireOne, as well as our clients, utilise daily. It is a massive time saver.
FX General Ledger Inquiry More Details Page
FX General Ledger Custom area displays the custom classes set up for the account in the General Ledger Inquiry.
User Defined Area
The User Defined area displays user defined information relevant to the account.