How to set up currency rates and currency calculations.
1. To set up a currency rate you must:
- Choose the main currency rate for use while creating a company;
- Choose additional currencies depending on the currencies your suppliers work with;
- The currency rate is calculated in relation to the main currency.
For example, the amount is calculated:
main currency - EUR
additional - USD
We use the USD to EUR exchange rate
Our price in EUR=the price in USD*USDtoEUR exchange rate = the price in EUR.
Thus:
USD price = 100$
USD to EUR exchange rate = 0.88056
Price in EUR = 100$*0,88056=88,056 €
Currency rates service: https://currencylayer.com
2. The currency rate is updated every hour.
The exchange rate is recorded and saved whenever a PO or an Invoice is created.
Next time you create a PO or an Invoice:
- the exchange rate is current within less than one hour;
- an updated exchange rate is used in an hour or more.
When you create an Order and your exchange rate is fixed, you can edit it manually while creating the PO.
If you set up a manual exchange rate, please note:
When you create an Invoice based on an Order and change the currency rate in the Invoice, the currency rate in the Purchase Order won't be updated. You can change the currency rate in the Order by clicking the 'Revise' button and then editing the exchange rate.
3. 5 is the available number after the decimal point (.5) for the exchange rate.