Adding an Exchange Rate

You can define the currencies that users can convert to and the exchange rates to use for specific time periods. If you create a new exchange rate for the same currency and effective date as an existing exchange rate (but with a different exchange rate), the system uses the newest exchange rate.

Before you begin: View the list of exchange rates; see Editing Company Currency Exchange Rates.

  1. From the page Actions menu or toolbar, click Add New Exchange Rate.



  2. Enter these details:

    Field Name Description
    From Currency Choose the currency you want to convert from the drop-down list.
    To Currency Choose the currency you want to convert to from the drop-down list.
    Rate Enter the conversion rate for the exchange.
    Effective Date Select the date this rate becomes effective from the Calendar icon. The selected date is always assumed to be 12:00 am unless the date is appended with a different time.

    Note: If you add a reverse exchange rate, such as Euro-to-Dollar when Dollar-to-Euro is already defined, the exchange rate for the same periods must be consistent.

  3. Click Done.