How to set up Currency Rates


 

To set up the currencies you want to trade in;

  1. Go to the Currencies page under Settings | System | Currencies.
  2. Your base currency is the one chosen when the company was registered. It cannot be changed.

You will not be able to select a trading currency for your Customers or Suppliers without setting an exchange rate for it.


 

How to add a new Currency






To add a new trading currency;

  1. Select the appropriate currency from the Currency Selection drop down.
  2. Once selected, enter the Buy Rate (amount of foreign currency you get for one of your base currency) and Sell Rate (amount of base currency you get for one of the foreign currency).
  3. Click Save.

If you are unsure of the currency rate, make an estimation, this is only a default currency rate and can be edited in the transactions.

If you have pre-purchased funds for this currency, put the buy and sell rate for the currency at the same time of purchasing.


How to set up multi-currency

  1. Go to Settings | System | Currency Rates
  2. Add currencies you transact in and their buy and sell rates.

If you are having issues with multi-currency fluctuations within Unleashed that are resulting in differing variances between your accounting provider and Unleashed; make sure you;

  • confirm currency rates in Unleashed Settings are realistic and are updated regularly.
  • Review your stock on hand value of individual products at regular intervals.

Certain plans do not have access to multi-currency. Please see our pricing page for more information. 

 

How to edit an exchange rate

To edit a trading currency;

  1. Select the appropriate currency from the Currency Selection drop down.
  2. Once selected, enter the buy rate (amount of foreign currency you get for one of your base currency) and sell rate (amount of base currency you get for one of the foreign currency).
  3. Click Save.

 

Defining the exchange rate on a Purchase Order

You want to set the exchange rate to the rate at which you are paying for the goods. For instance, you may have already paid for it, or have an agreed rate with the supplier which you can use.

 

Defining an exchange rate on a Sales Order

You want to set the exchange rate to the rate at which your customer is paying for the goods. For instance, the customer may have already paid for it, or have an agreed rate with the customer which you can use.

 

Example of where currency rates might be used

Purchases

When purchasing in a foreign currency, we use the default rate for that currency to pre-populate the exchange rate field.  This field is used to convert the purchase order into your base currency.

 

Make sure that your purchase order is in a Placed status.

This rate is just the default, so if it is not the correct exchange rate, then you will need to over-ride it.

 

Currency video tutorial