The currency module is an important section, especially for companies that operate in multiple currency environments. It defines the currency and rate with which the company is working.
To get to the ‘currencies’ section, just right click “Currency” in the left menu:
To view which currencies are available in the system, click on “Currencies”:
It will open up all the available types of currencies the ERP can (currently) operate with.
In order to get the updated conversion rates for specific currencies, click on “Currency Updates”:
There are 2 methods to source the rate of the currency you’re converting your base currency to:
- Official Exchange Rate
- Parallel Exchange Rate
What’s the difference?
First, select the Base Currency for which you’d like to get the conversion rates for. The Base Currency is just the main currency in which the company is operating.
The rate is valid from the time you update the currency. In order to see the rate for the currency you want to use the conversion for, just click on the plus (+) button on the right side of the “Currencies to Update” tab:
Then, just select the currencies you need from the available options in the pop-up window:
Once you select the currencies of interest, click on the “Update” button from the General section:
You will see the updated values in the “Current Rate” column, which represent the conversion rate for the Base currency you’ve selected in the previous step.
These are the rates that will be used for the currencies operated within the ERP system in different modules and fields. As a tip for those who have transactions in foreign currencies, it is best to have the currency rate on each date, when the operation in foreign currency happens, as well as on the last day of the reporting period. This will be very helpful for the proper calculation of financial results and representative reporting.
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