Multi Currency / Multi Currency Exchange Rate Table

4.0. Currency Exchange Rate Table

Different Ways of entering Exchange Rates




Alert
STEPS:
  1. DATE FROM enter 1 Jan 12
  2. DATE TO enter 31 Jan 2012
  3. ​Effective date range
  4. EXCHANGE RATE enter 0.015397
  5. To enter an exchange rate of 1 JPY = 0.015397 SGD
  6. MULTIPLY select 1
  7. DIVISION click Un-Tick
  8. By default enter 1



Alert
STEPS:
  1. DATE FROM enter 1 Jan 12
  2. DATE TO enter 29 Feb 2012
  3. Effective date range
  4. EXCHANGE RATE enter 0.015397
    To enter an exchange rate of 1,000 JPY = 15.397 SGD
  5. MULTIPLY select 1,000
  6. DIVISION click Un-Tick
    15.397 divide by 1,000 = 0.015397

Maintaining Exchange Rate Consistency

To consistently use a periodical exchange rate for a specific currency, it is recommended that you update the rate table every 1st day of period – range, month or quarter.
Depending on your company management policy, here is an example of using single exchange rate for the entire quarter.



Alert
STEPS:
  1. Click SETUP activity
  2. Click ACCOUNTS
  3. Click CURRENCY module
  4. Select USD
  5. Click EDIT
At Table:
  1. DATE FROM select 1 Jan 12
  2. DATE FROM select 31 Mar 12
  3. EXCHANGE RATE enter 1.288
  4. In this example, system exchange rate of 1.288 for the entire quarter.
  5. Click UPDATE
  6. Close module

Info
Important Note:
Exchange Table Rates only for system reference, at the point of issuing the document. The Exchange Rate is locked-in at the point of transaction, say issuing a document (e.g. invoice). Changing the Exchange Table Rates will NOT affect past transactional Documents’ rates.