Currency Exchange is configured in Setup / Finance / Currency Exchange / Currency Exchange
Currency exchanges contain exchange rates which are used when charges on one account are applied to another account (for instance, a sub-account is setup in USD and the account's charges are invoiced to its parent account which is billed in GBP). The default currency of the owner is indicated within the currency exchange settings on this screen and is defined on the owner configuration screen.
Only one currency exchange can be active at a time (the exchange with the most recent Effective Date) but expired currency exchanges can be selected when executing a bill run in order to allow accounts to be billed using historical rates.
In order to configure exchange rates for currencies the currencies must be configured on the owner on the owner configuration screen.
This panel allows you to select existing currency exchange configurations in order to view or edit them in the Edit Currency Exchange panel on the right. Actions are also available in this panel which are shown as icons above the Filter text box. The available actions are described below.
Deletes the currently selected currency exchange if not in use (exchanges that have reached their effective date cannot be deleted)
Adds a new currency exchange
When you select an exchange in the list additional details will be displayed in the Edit Currency Exchange panel to the right. These details are explained below.
The information in this panel reflects the currently selected currency exchange. From here you can change the exchange's details (fields will display a red left border if a value is required and purple text if the field is read-only and cannot be modified).
Currency Exchange Fields:
Name: a descriptive name that describes the rates in the exchange and/or when they are effective (e.g. Default Rates - 20XX)
Effective Date: determines when the currency exchange becomes effective. Once a currency exchange reaches its effective date it cannot be deleted. Currency exchange dates cannot overlap, the exchange with the most recent effective date will be active and exchanges with older effective dates will be automatically expired
This tab lists the currencies that have been configured including the default currency. The rates entered here are multiplied against the default currency during billing in situations where currency conversion needs to be performed (e.g. an account is in a different currency than the owner's default currency).