How to Manage the Currency Table in Accounting Settings
If you have enabled multiple currencies in the system, the Currency Table in accounting settings will be activated. This feature allows you to manage exchange rates between different currencies to ensure accurate financial transactions.
Which Role Can Access by Default
- Admin
- General Manager
Accessing the Currency Table
- Navigating to Dashboard > Settings > Accounting > Currency Table.
- On this page, you can set and update currency exchange rates between a source currency and a target currency.
Managing Currency Rates
Selecting the Source and Target Currency
- To maintain the currency rate, first, select the source currency and the target currency.
- For example, to set the exchange rate from RMB to USD, choose RMB as the source currency and USD as the target currency.
Understanding Default Rates
- The first entry without an As of Date serves as the default exchange rate when no specific date-based rate is available.
Setting Exchange Rates for a Specific Date Range
- Click the green plus button to add a new currency rate entry.
- Select the As of Date to define the validity period of the rate.
- Enter the exchange rate for both Internal Rate and External Rate (both fields should have the same value).
- Example: If the exchange rate for RMB to USD is 0.1454, enter 0.1454 in both fields.
- The most recent rate will be displayed at the top of the table.
Editing Existing Rates
- Modify exchange rates by directly updating the numbers in the respective fields.
- Click Save to confirm your changes.
Important: Currency rates cannot be modified if their date range falls before the latest accounting block date.
User Permissions
- Only users with the appropriate permissions can edit and maintain exchange rates in the Currency Table.
By following these steps, you can efficiently manage exchange rates within your accounting system.
For a visual guide on using this feature, please refer to the following video: