Setting up Currencies in SFM
In SFM, you can configure foreign currency exchange rates, enabling the system to automatically calculate foreign invoices based on predefined rates.
To set up exchange rates, follow these steps:
1. Navigate to Support > Currencies
2. Add a New Currency.
Click the + icon on the left. Enter the following details:
- Code
- Name
- Rate
- Selling Rate
- Buying Rate
SFM uses only the Rate field for calculations. The Selling Rate and Buying Rate are for reference purposes.
3. Post Historical Rates (Optional but Recommended).
After clicking Post, go to the Rates tab. Here, you can add historical exchange rates for previous dates. This ensures that any back-dated invoices are calculated using the correct rate.
When posting an invoice, the system will automatically select the closest available rate. However, users can manually adjust the rate for added flexibility.
Related Articles
How to set up Mail User Settings in SFM
Go to Administration > Mail User Settings. Click 'Insert record'. Select the required user from the User menu and click 'OK'. Next, enter the user's email in the Email field and click 'Post edit'. The entry in the list will be updated to include both ...Setting up a Set Off Account in SFM
Follow the below article: How to create a new Control Account in SFM? (Bank Account, Cash Account, Stock Control, etc)How to set Percentage Allocation in SFM
The Percentage Allocation functionality in SFM allows you to split an entry into two or more different Nominal accounts automatically allocating this by percentage which is setup by the user. Setting Up Percentage Allocation Create a Nominal ...Setting Up and Using the Intercompany Journal
Setting up Inter-company Accounts makes it easy to automatically update journal entries in multiple companies, helping you increase your efficiency. Step 1: Creating an Intercompany Account Log in on one of the companies required for the multiple ...SFM - Getting Started Manual
The attached PDF includes the necessary functions and features of SFM to get you started. SFM QuickStart Guide.pdf
Recent Articles
How to Reverse a Sales/Purchases Transaction in SFM
Reversing Entries in SFM Once users confirm an entry in SFM, they cannot modify any of its elements. The only available option is to reverse the entire transaction and re-post it with the correct values. The system supports both simple reversals and ...Setting Up BOV SEPA v9
Before proceeding, please ensure you are using the latest version of SFM. Starting October 5th, 2025, Bank of Valletta (BOV) will begin processing live transactions using the new SEPA file format (version 9). The older version 3 format will no longer ...How do I process a Nominal Reconciliation?
Procedure for Reconciling a Nominal Account (Current Year > Nominal > Nominal Reconciliation) Account Field: Select the relevant Nominal Account from the drop-down menu that you wish to reconcile. Details Field: Enter any necessary free text in the ...How to Update SFS
For optimal results, update SFS directly from the server. Important notes before updating: - All Users: Log out of SFS, SIMS and SFM (if applicable). - Remote Desktop Users: Log out of SFS, SIMS and SFM before disconnecting from the remote session. ...How to Add Custom Footers per Client basis
If you want to apply the same footer across all your invoices or the same footer across all your statements, please refer to this article: How to insert document footers in SFM If you need to use different footers for specific clients, SFM also ...
Popular Articles
How do I process an End Of Year in SFM?
Overview SFM allows posting into two financial years simultaneously. This means that users do not need to finalise 2024 before starting to post entries into 2025. The end of year procedure will move the “Current Year” data into the "Previous Year". ...Do I need to Process an End-of-Year in SIMS?
SIMS does not require an end of year procedures to be run. However, SIMS controls users to only allow posting of transactions, such as sales invoices, cash sales, adjustments and purchases, within a range of dates referred to as the Posting Period. ...How to setup a System Control Account in SFM? (Bank Account, Cash Account, Stock Control, etc...)
Create the Account in your Chart of Accounts as seen below. Please make sure you use the code depending on your Heading and Sub-Heading digits. After creating the account, you need to specify the account as a System Control Account. Go to Support > ...How to reset your Shireburn remote desktop service (RDS) account password
The password for the Shireburn RDS Account used to connect to RDS server is set to expire after 90 days. A notification is provided to the user daily starting 5 days prior to the expiry date. In order to change password, the following steps need to ...How to run the SIMS Archive process
The SIMS Archive function reduces the size of the data store in Live by splitting the same data set in a different database, within the same company. This process improves the SIMS performance as it compacts the Live data set. Users can then access ...