Overview
Use this guide to:
Create a foreign currency client bank nominal
Create a matching foreign currency bank control nominal
Link the new currency to its control nominal in DPSSQLConfig
Post and view foreign currency transactions on the matter ledger
Set Up the Foreign Currency Bank Nominal
In DPS Financial Director (FD), click Nominal Ledger, then click Nominal Accounts.
Click New to create a new nominal account.
In the new nominal account, complete the fields for your foreign currency client bank nominal. The account reference can be anything appropriate to your firm, but it must be unique and not already used as a nominal account reference.
Example
Branch – Harlow
Account Ref –
1.5751USD2(must be unique)Description –
USD Client Account 2
Click Balance Sheet.
Click Client Bank.
When the Currency drop-down appears, select USD.
Click Save.
This nominal is now set up as your foreign currency client bank nominal.
Set Up the Foreign Currency Bank Control Nominal
In DPS Financial Director (FD), click Nominal Ledger, then click Nominal Accounts.
Click New to create a new nominal account.
In the new nominal account, complete the fields for your foreign currency bank control nominal.
Example
Branch – Harlow
Account Ref –
USD2CTRL(must be unique and not already used)Description –
USD Client 2 Control
Click Balance Sheet.
Click Client Bank.
In the Currency drop-down, select USD.
Click Save, then close the nominal account screen.
Re-open the same nominal account.
Click Is this a Control Account.
Click Save.
Note: You may notice that the foreign currency box disappears when you select Is this a Control Account. To ensure the currency designation is retained, you must first set the account as a Client Bank, select the currency, click Save and close the screen. Then reopen the account, select Is this a Control Account, and click Save again. The currency designation will stick even though the foreign currency box disappears.
Assign the New Currency Bank to Its Control Nominal
Note: A supervisor profile is required for the steps below.
Open DPSSQLConfig.
Click the Accounts tab.
Click Currency, then click Add Currency.
Complete the details for your new USD client bank account.
Example
Code –
USDSign –
$Exchange Rate –
1.0000💡 This value is not used for conversion or reporting purposes, so you can enter any rate here.
Currency Name –
US DollarsCountry –
USANominal – select your new US Dollar control nominal, for example
USD2CTRL
Click Update.
Your new foreign currency client bank nominal is now linked to its control nominal.
Post Foreign Currency Transactions to a Matter
Note: Foreign currency receipts and payments can only be posted by accounts and not via e-chit.
Open your usual posting screen.
Choose the required posting type.
Enter the matter number.
From the bank drop-down list, select your new foreign currency bank (for example, the USD client bank nominal you created).
Enter the remaining posting details as required.
Complete the posting as usual.
View Foreign Currency Transactions on the Matter Ledger
Open the matter ledger screen for the relevant matter.
Look for the new tab labelled with the foreign currency (for example, USD).
Click the currency tab to view all foreign currency transactions for that matter ledger.
You can now manage and review foreign currency activity for your matters using the new client bank and control nominals.