The Locale & Currency panel includes options that control regional currency settings for the entire database. These options define the basic operating environment of the data, and the Artsystem5 application, and should not be changed lightly. Please contact Artsystems Support for assistance prior to making adjustments.
IMPORTANT: Adjusting the options on this pane can have significant effects on data, which in some cases cannot be reversed without assistance from Artsystems Technical Support, therefore editing this panel is strictly limited to admin users only.
The three dropdown menus for Home Country, Home Language, and Home Currency assignments will affect how values, currency symbols, number separators, and dates are formatted within the system.
NOTE: The Home or Base currency setting identifies the default currency used throughout the database. While it is always possible to input values of any currency; some calculations or conversions of values will be based on this setting, and some values will always display in the Home currency.
Alternate Value Tracking
The Track Work Values in alternate currencies checkbox enables an advanced feature that allows value history tracking for up to 6 foreign currencies, which are then converted to the home currency at a specified conversion rate. When enabled, the alternate value types are managed from the grid on this Settings pane.
EXAMPLE: When artworks are being offered for sale in different currency markets, it may be useful to add values for each market (i.e. $9000 or £7500 or 8000€), regardless of the true conversion rate to each other. This can make sales and reporting much more convenient.
NOTE: This option offers expanded value tracking capability. Basic support of multiple currencies is inherent to Artsystem5, and it is not necessary to enable this feature to enter values in a currency other than Home.
Alternate Base Currencies
The Allow alternate base currencies for individual Works checkbox enables an advanced feature that allows a currency other than home to be assigned to Work records. When an alternate base currency is assigned, ALL payable terms and sales of the Work will be processed using the alternate currency basis, and any alternate values entered will be converted to the alternate base instead of the home currency at the specified rate.
EXAMPLE: A gallery in New York City, with a base currency of USD, can consign in artworks from an artist living in Europe, sell those works, and pay the artist in Euro without ever having to convert values to the home currency. Cost and Net values are all calculated according to the alternate basis.
NOTE: Enabling this option will prevent the conversion of Work costs and sales to the Home locale currency on Financial Reports. Aged AR, AP, and Sales/Cost of Sales Reports will not reflect accurate totals for Sales of Works in different currencies.
When the checkbox is first checked a warning prompt, including the note above, will appear for the user. The user must accept the warning prompt in order to proceed.
This Settings pane also includes options for the VAT system. When Enable VAT is checked an additional tab is added to the Work record detail with fields for managing VAT. It is also possible to enter a VAT registration number for tax collection purposes.