Managing Currency Exchange Rates #

The Exchange Rates system is vital for businesses that deal with multiple currencies, enabling them to set and manage conversion rates between various currencies. By properly managing exchange rates, companies can ensure accurate financial transactions across different regions. Bold formatting is used to emphasize key sections of the system and its functions.

Exchange Rates Tab Details #

The Exchange Rates tab allows users to view and manage the current exchange rates between different currencies. It provides an easy way to track and update conversion rates, which is essential for accurate financial reporting and international transactions.

Key Fields in the Exchange Rates Tab: #

• Source Currency: The currency which the exchange rate is being calculated.
• Target Currency: The currency to which the exchange rate is being applied.
• Rate: The exchange rate between the source and target currencies.
• Dollar($): Example of a source currency (USD).
• RMB(¥): Example of a target currency (Chinese Yuan).
• 6.9: The current exchange rate between USD and RMB (example rate).

Adding a Currency Rate #

To add a new currency exchange rate, follow these easy steps. This process ensures that exchange rates are accurately reflected and up to date.

Steps to Add a Currency Rate: #

1. Navigate to System > Exchange Rates under the Basic Data section.
2. Right-click on the lower part of the screen.
3. Click “Add Currency Rate” to open the input form.
4. Enter the details of the currency you want to add:
   • Source Currency: Select the currency which you are converting (e.g., USD).
   • Target Currency: Select the currency to which you are converting (e.g., RMB).
   • Rate: Enter the exchange rate between the source and target currencies (e.g., 6.9).
5. Save and Close to save the newly added exchange rate.

By managing currency exchange rates effectively, businesses can ensure accurate financial transactions and avoid discrepancies when dealing with international clients or suppliers. The Exchange Rates system simplifies this process, making currency conversions more efficient and reliable.
For a detailed walkthrough, Please refer to the video guide: Exchange Rates