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 child 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 configured on the owner configuration screen.
Only one currency exchange can be active at a time (the exchange with the most recent Effective Date) but previous (expired) currency exchanges can be selected when executing a bill run in order to allow accounts to be billed using historical exchange 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 (note: fields with a magenta left border are required).
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 owner’s 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).
Under the Currency Exchanges heading on the left click the icon
Under the Add Currency Exchange heading on the right specify the currency exchange Name and Effective Date
Specify the Exchange Rates for the currencies listed
Under the Currency Exchanges heading on the left click the currency exchange you wish to edit
Under the Edit Currency Exchange heading on the right modify the currency exchange settings as desired
Click Save when finished making changes
Note: Currency exchanges that are active (reached their Effective Date) cannot be deleted.
Under the Currency Exchange heading on the left select the currency exchange you wish to delete
Under the same Currency Exchange heading click the icon
On the confirmation dialog that appears select Yes