Every country has its base currency. We should define base currency in country-specific templates.
This way users do not have to set up base currency screen themselves.
Code field should contain ISO 4217 code of the currency.
Name should be name of the currency in language of the business.
Symbol should be how currency is to be presented on printed documents such as invoices. For example, Australian dollar international symbol is
$AU but within Australia it is presented as
$. So we use
$ as a symbol.
This is how Australian dollar is presented in Australia.
If we were to use symbol
AU$, then invoices and other printed documents would be presented like this which wouldn’t look right.
Decimal places is number of decimal places currency has. For most currencies it is
2 decimal places but some have zero and others have three.