Currency Conversion
Currency Conversion holds the exchange rates of one Exchange Category: for each pair of currencies, a list of date ranges with a rate. Documents look up the rate for their date here.
What it is for
A document in a foreign currency asks for the rate from its currency to the company's local currency on its date. The rate is found when:
- the record's Exchange Category is the company's Local Exchange Category on Ledger Setup;
- a line has From Currency = the document currency and To Currency = the local currency;
- one of the line's rate rows has From Date and To Date around the date.
A rate kept for the customer of the document wins over the general rate. When no rate is found the document gets no rate: type it by hand.
The rule people get wrong: the rate is "how many local units for one foreign unit", entered on the foreign-to-local line. A line keyed the other way round (local to foreign) is not read for documents.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Exchange Category | The rate table | Required. One record per category |
| Customer | Rates for one customer only | Shown when General Ledger Setting asks for it. Empty for the general rate |
| From Currency, To Currency | The pair | Required. Not the same currency. Each pair (and customer) once |
| Rate | Opens the rate rows: From Date, To Date, Rate | All three required |
Scenarios
- Monthly rates from the central bank. One rate row per month: From Date the 1st, To Date the last day.
- A key customer is billed at an agreed rate. Tick Required Customer in Currency Conversion on General Ledger Setting; add a line for that customer and pair.
- Reporting to a parent in another currency. Also keep a local-to-reporting line: the reporting amounts on vouchers use it.
If something looks wrong
- "Line ID: ... is duplicated with Line ID: ..." The same pair (and customer) twice. Add rate rows to the first line instead.
- "Currency Conversion - Line ID: ... - FromCurrency cannot be same to ToCurrecny" Pick two different currencies.
- A foreign-currency line on General Entry gets rate 0 and is refused with "Exchange Rate cannot be zero". No rate row covers the date, or the rates are under another category. Add the row.