Currency

The Currency Tab is where the user will record his current exchange rates as they apply to the branch or business. All transactions that are made on historical Currency rates will be stored separately and they do not influence any information that might have been used against previous currencies.

The Base currency is the currency in which the unit operates. The user may purchase in different currencies but they all convert back to the base currency.

Select the base currency for the branch by clicking on the selection arrow in the description field and selecting a currency from the drop down list. The currency and the Symbol will be populated into their respective fields.

The conversion rate is set to 1 and all conversions are based on this rate.

Click on the Save button to record the base currency setting.

The second part of the currency tab deals with the different currencies that the branch purchases in and the current exchange rates that are attached to these currencies.

The user can then enter the countries and the exchange rates that he will be dealing with for a specific date range. This will be done by selecting the country and exchange rate that applies to the branch by clicking on the selection arrow in the Currency column. Scroll down to the appropriate country and click on it to load it into the field. The symbol for the currency will be loaded automatically into the Symbol column.

Next, the user will enter the current rate for the selected currency as obtained from the financial institution or exchange control.

The user will then proceed to select the date range for the exchange rate. This date range shows how long the current rate will be valid for.

Once all information is satisfied as correct the user will click on the Save button.

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