How to set up currency rates and how they are calculated.
1. In order to set up a currency rate you need to:
- Choose the main currency rate while creating a company;
- Choose additional currencies depending on the currencies your suppliers work with;
- Currency rate is calculated in relation to the main currency.
An example of how the amount is calculated:
main currency - EUR
additional - USD
We use USDtoEUR exchange rate
Our price in EUR=the price in USD*USDtoEUR exchange rate = price in EUR.
Example:
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 saved when PO/Invoice is created.
Next time you create PO/Invoice:
- already saved exchange rate is used in 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.
When you create Invoice based on Order, and you change currency rate in Invoice and the Order will be also updated with the same currency.
3. Available numbers after the decimal point for exchange rate is 5.