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This text refers to program version 4.3  

Base Currency Rates - Dual-Base System

Having entered the two Currencies used in your business using the Currency register and defined which one is to be treated as Base Currency 1 and which is Base Currency 2 using the Base Currency setting, you should now use the Base Currency Rates setting in the System module to enter an exchange rate between the two.

If there is a fixed exchange rate between the two Currencies, you should enter a single record expressing that relationship to this setting. Otherwise, each time the exchange rate changes, you should enter a new record to the setting rather than modifying an existing record. This ensures an accurate history will be created which will then be used when currency conversions are required when producing reports.

Double-clicking 'Base Currency Rates' in the 'Settings' list in the System module brings up the 'Base Currency Rates: Browse' window, showing exchange rates already entered. Click the [New] button in the Button Bar to enter a new record, or select an exchange rate similar to the one you want to enter and click [Duplicate] on the Button Bar.

The 'Base Currency Rate: New' window is shown, empty if you clicked [New] or containing a duplicate of the highlighted exchange rate. In the case of the duplicate, the Date of the new record will be the date of the copied record.

Date

Paste Special    Choose date

The earliest date for which the exchange rate is valid.

The current exchange rate is the one with the most recent date: this will be used as a default when you enter new transactions.

Base Currency 1, Base Currency 2

Use these two fields to specify the exchange rate, which you should enter as a ratio. In the example illustration, 0.696088 units of Base Currency 1 (Pounds Sterling) will buy one of Base Currency 2 (the Euro). Note that if either Base Currency is the Euro, EMU regulations state that the ratio must always show how many units of the other Currency can be bought with one Euro. You can use up to six decimal places.

!	When an exchange rate changes, always create a new record in the Base Currency Rates setting. Do not change an existing record.

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