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Using Currencies in Nominal Ledger Transactions - The 'Update Currency Rates' Function

This page describes the 'Update Currency Rates' function on the Operations menu in the Transaction record window. If you are using iOS or Android, the 'Update Currency Rates' function is on the Tools menu (with 'wrench' icon).

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When you duplicate a Transaction, the date in the new Transaction will not be updated to the current date. If you change the date in the new Transaction, the Exchange and Base Currency Rates in each row will be updated, but the values in Base Currency 2 and/or any foreign Currency will not be updated. This is correct if the purpose of duplicating the Transaction is to reverse it. Similarly, if you change the date in a new Transaction after adding postings, the Exchange and Base Currency Rates in those rows will be updated, but the values in Base Currency 2 and/or any foreign Currency will not be updated If you need to update the values in Base Currency 2 and/or any foreign Currency using the new Exchange or Base Currency Rates, select 'Update Currency Rates' from the Operations menu (Windows/Mac OS X) or Tools menu (iOS/Android).

This function will also ensure the Exchange and Base Currency Rates in each row in the Transaction are correct.. This will be useful if you have changed those rates and need to return to the default values

The function will have no effect in a Transaction that you have saved.

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Using Currencies in transactions of various kinds:

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