Manage exchange rates

Keep a table of exchange rates so foreign-currency transactions and revaluations translate at the right figure for each date.

Before you start

• Pick the company you are working in and the Scope level for the rate.
• Know the currency pair you are quoting and the rate that applies on a given date.
• Rates are entered by hand; the recorded source lets you tell a manual override from a fetched feed later.

[screenshot: Exchange Rates workspace with the rate table and the “Add rate” form]

Steps

Record an exchange rate

1. Open Accounting → Exchange Rates and start a new rate.
2. Set From currency (required) — a three-letter currency code.
3. Set To currency (required) — a three-letter code that must be different from the from-currency.
4. Choose the Rate date (required) — the date the rate applies from.
5. Enter the Rate (required) — a number greater than zero (units of the to-currency per one from-currency).
6. Optionally set the Source of the rate. When omitted the store defaults it; the source records where the rate came from.
7. Save the rate.

[screenshot: Exchange rate form showing From currency, To currency, Rate date and Rate]

Edit or remove a rate

1. Select an existing rate to edit any of the same fields, then save.
2. Delete a rate you no longer need from the rate table.

Result

The rate is stored against its currency pair and date and becomes available to the FX lookup used across Accounting — including period-end foreign-currency revaluation and any transaction captured in a foreign currency.

Related

• Accounting reference
• Run period and year-end close
• Consolidate group entities