| Payment format for EUR dollars [message #171645] |
Wed, 10 May 2006 17:51  |
ljpviper
Messages: 11
Registered: April 2006
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Junior Member |
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We are going to open a new entity in Great Britain in the near future.
I am going to create a seperate SOB in EUR currency. We will also
be processing checks in EUR dollars.
Does anyone know the payment format to use for EUR currency so I can attach it to the bank account.
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| Re: Payment format for EUR dollars [message #171815 is a reply to message #171645] |
Thu, 11 May 2006 10:33  |
David.K.Dickson
Messages: 413
Registered: October 2005
Location: Surrey, England
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Senior Member |
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| ljpviper wrote on Wed, 10 May 2006 23:51 |
We are going to open a new entity in Great Britain in the near future.
I am going to create a seperate SOB in EUR currency. We will also
be processing checks in EUR dollars.
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Although you do not state it categorically, the implication of your question is that the SOB in EUR currency is for the new entity in Great Britain. If that is the case, then here are two items you might want to consider:
 Great Britain is not part of the Euro Zone. Internally we still work in GBP (Great British Pounds) or Sterling, as it is more commonly called. Although we trade with our European colleagues in EUR, and with our USA colleagues in USD, our functional currency is (almost) always GBP. If your new entity is going to buy and sell goods and/or services within Great Britain, your suppliers will want to invoice you and be paid in GBP and your customers will expect to be invoiced and pay you in GBP.
There is no such thing as a EUR dollar or a Euro dollar or a European dollar. The currency is called the Euro and the short code in Oracle is EUR. The Euro is divided into 100 cents, but it is never called a dollar by anybody in Europe.
 HTH
David.
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| Re: Payment format for EUR dollars [message #171817 is a reply to message #171680] |
Thu, 11 May 2006 10:36 |
David.K.Dickson
Messages: 413
Registered: October 2005
Location: Surrey, England
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Senior Member |
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| manojr wrote on Thu, 11 May 2006 06:39 |
You will have to attach the patch for EURO if you want to use it as Currency.
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I am not sure whether the Euro Patch is still required. I think that it has now been incorporated into the base system, but it would be worth checking MetaLink, as you say, Manoj.
HTH
David
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