When multiple currencies are defined in the account, users can create documents (Sales Quotes, Sales and Purchase Orders, Sales and Purchase Invoices) in a currency other than the base/main currency of the account. To accurately report on company’s costs and profits the exchange rates between the available currencies must be correctly set.
In the Exchange Rates module, the From Currency / To Currency options relate to the two currencies for which the exchange rate is set. One of the following Time Interval choices defines the exchange rate periods: Daily, Monthly, Quarterly and Custom Time Span. If exchange rates are defined in overlapping time intervals (say for both Quarterly and Daily) for the same pair of currencies, the shortest time interval gets priority (the Daily rate in the above example). This is true, unless the Custom Time Span is selected; in this case, the priority always goes to the exchange rate figures of the Custom Time Span. In case no exchange rate has been set for a specific time period in any Time Interval, then, the exchange rate is by default set to one (1:1) for that specific time period.
Once the From Currency / To Currency, the Time Interval and the Year options have been selected, the Search option fetches the exchange rate figures. To update a figure, the administrator user can type the exchange rate directly into the respective textbox. A successful update of an exchange rate figure shows a ticker icon next to the updated exchange rate figure.
By selecting a set of exchange rate rows using the checkboxes of the list, a user may export the visible columns in CSV, XLSX or PDF format.
- After updating exchange rate figures -and before reporting on valuations, costs or profits-, users are notified to update the Product unit costs when visiting the respective reports.
- Accessing the Exchange Rate module requires administrator access to the account.