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Exchange Rates

This page describes the Exchange Rate register in the System module.

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The Exchange Rate register in the System module is where conversion rates between foreign Currencies and your home Currency are stored. If you are using the Dual-Base system, you can relate foreign Currencies to either Base Currency (although if you are in a country that is going through the process of joining the Euro, you should only relate foreign Currencies to the Euro). Each time an Exchange Rate changes, you should enter a new record to the register 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. It also ensures that a gain or loss resulting from Currency conversion can be posted if the exchange rate changes between the issuing of an Invoice and its payment

You should use this register for all Exchange Rates except those between the two Base Currencies. These should be stored in the Base Currency Rates setting in the System module.

To open the Exchange Rate register, first use the [Switch Module] button in the Navigation Centre to change to the System module. Then, if you are using Windows or Mac OS X, click the [Registers] button, also in the Navigation Centre and double-click 'Exchange Rates' in the subsequent list. If you are using iOS or Android, tap the [Registers] button in the Navigation Centre and then tap 'Exchange Rates' in the 'Registers' list. The 'Exchange Rates: Browse' window will be opened, showing the Exchange Rates that you have already entered.

To enter a new Exchange Rate, select 'New' from the Create menu in the Button Bar (Windows/Mac OS X) or the + menu (iOS/Android). You can also use the Ctrl-N (Windows) or ⌘-N (Mac OS X) keyboard shortcut. Alternatively, highlight a Currency similar to the one you want to enter and select 'Duplicate' from the same menu.

The 'Exchange Rate: New' window will be opened, empty if you selected 'New' or containing a duplicate of the highlighted Exchange Rate. In the case of the duplicate, the Date of the new Exchange Rate will be the current date, not the date of the original Exchange Rate. Complete the Exchange Rate record as appropriate and as described below the illustration, then save it using the [Save] button (Windows/Mac OS X) or by tapping √ (iOS/Android) and close the window by clicking the close box (Windows/Mac OS X) or by tapping < (iOS/Android). Then, close the browse window using the close box or < again.

Header

Currency
Paste Special    Currency register, System module
Enter the Currency Code of the foreign Currency.

If you have specified a default Exchange Rate on the 'Span' card of the Currency record, this will be brought in to the new Exchange Rate record when you enter the Currency Code.

Date
Paste Special    Choose date
The earliest date for which the Exchange Rate is valid.

The current Exchange Rate for a particular Currency is the one with the most recent date: this will be used as a default when you enter new transactions in the Currency. This will remain the current Exchange Rate until you enter a later one.

When you produce reports, you will usually be offered a choice whether transaction values are to be converted using the current Exchange Rate or using the Exchange Rate current at the time of the transaction.

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When an Exchange Rate changes, always create a new record in the Exchange Rate register. Do not change an existing record.


Rate Card

Rate
Enter the Exchange Rate here in the form of a ratio. In the example illustration where the simple conversion system is being used, 147.6219 units of the foreign Currency (JPY) will buy one unit of Base Currency 1 (GBP). You can use up to six decimal places.

If you have defined minimum and maximum Exchange Rates for the Currency (on the 'Span' card of the Currency record) , you will not be able to save an Exchange Rate record that goes beyond those limits.

Users in countries that is going through the process of joining the Euro should relate foreign Currencies to the Euro only (not their home Currency), so only the Base Currency field representing the Euro should be used. During the transition process, this will be Base Currency 2. Wherever a Currency is related to the Euro, the ratio must show how many units can be bought with one Euro. One way to enforce this is to enter "1" as the Default, Min and Max values for Base Currency 2 in each Currency record.

Forex Card

If you are using Forex Transactions, you can use the 'Forex' card in an Exchange Rate record to set defaults for each Forex Transaction.

The Sales Rate and Purchase Rate fields are the same field as Rate on the 'Rate' card. Enter the default Sales and Purchase Rates using the two Base Currency 1 fields.

Please refer here for details about Forex Transactions.

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Currencies and Exchange Rates in Standard ERP:

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