Setting Exchange Rates

Setting Exchange Rates


Exchange Rates must be amended manually so remember to update them as frequently as your business requires.

To see the Exchange Rates currently in place click Start Configuration> Accounting > Exchange Rates. The grid on the right shows:

  • All the 'foreign' currencies that have been added to the Currencies tab on your Own Organisation record(s).
  • The current rate of exchange between each pair of currencies (and the reverse rate).
  • The date from which the rate shown applies.

Setting Exchange Rates

To amend an Exchange Rate, click on the row that you want to amend, which will open a screen similar to one shown below (click to enlarge).

In this example Exchange Rates have already been set for 1-30 September and for 1-31 October. Notice that the top row shows a rate with a Valid From date of 1 November but there is no date in the Valid Until field, ie, this is the current rate.  The Valid Until field will only be populated with a date if you add a new Exchange Rate period that has a Valid From date which is later than the current Valid From date.  For example, if you add an Exchange Rate with a Valid From date of 1 December, Workbooks will auto fill the Valid Until date on the top row with 30 November.

To add a new rate, click Add Exchange Rate period and enter your rate and a Valid From date. If you leave the Exchange Rate blank but populate the Valid From date, Workbooks will automatically apply the current market rate (based on figures drawn from the Internet).

NOTE:  Do not set any Exchange Rate to zero as this will cause Workbooks to treat the reverse rate as infinity, which cannot be used in calculations and will cause problems with saving Transaction Documents and with reports.

What happens when you change the Exchange Rate figure or date range?

It's important to understand what happens when you make any amendments to either the Exchange Rate or the date range for which the rate applies.

A Transaction Document uses the Exchange Rate in place that corresponds with the document date.  If the Exchange Rate for a time period is changed, any Draft documents with a document date in that period will also change.  Similarly, if you change the date range for the Exchange Rate, any Draft documents with a document date that falls into the new time period will adopt the Exchange Rate for that new period.

These recalculations are carried out in the background and could impact the performance of your database if you have a very large number of Transaction Documents affected by the change.  For this reason we advise making any changes out of your usual business hours to minimise impact.

NOTE: Opportunity records do not have the concept of Draft and Posted states. They will use the Exchange Rate related to the Close Date at the time the Close Date is selected. If the Close Date is changed to a date where a different Exchange Rate applies, the Exchange Rate for the new period will be applied. However, if the Close Date is not changed but the Exchange Rate for the relevant period is changed, the Exchange Rate will remain as per the one in place when the original Close Date was set.