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Creating Currencies and Setting up Exchange Rates

Currencies identify the monetary units used in documents and reports. An exchange-rate record also specifies its effective date and the currency against which the rate is expressed.

Before you start​

Have the currency name and codes, the approved exchange-rate value, its effective date and the base currency ready. Check whether the currency already exists before adding another record.

Add or review a currency​

  1. Open Master data and settings > See also > Currencies.
  2. Find and open the required currency, or add one using From classifier or Create.
  3. From the classifier, choose the required currency. For manual creation, complete its identifying details.
  4. Check Currency name, Numeric code and Alphabetic code. The name is used in documents and reports; verify that the codes identify the intended currency.
  5. Choose the exchange-rate source appropriate to your company's process:
    • Input manually: enter rate records manually.
    • Import from the Internet: an Internet import option; confirm the configured source and its operation before relying on imported rates.
    • Calculate by multiplying: a calculated source based on another currency and the configured multiplier.
    • Calculate by formula: a source calculated from the configured formula and currencies.
  6. Review the source parameters and save the currency when its details are complete.

Enter a manual exchange rate​

  1. Open the currency's Currency exchange rates tab.
  2. Check the base-currency filter and existing records for the relevant date.
  3. Choose Create to open Currency exchange rate.
  4. Set the effective date.
  5. Check the currency and quantity on the In currency side, then the base currency and its quantity on the other side. Review the complete ratio rather than entering a number without checking which currency it represents.
  6. Save the rate when the date, currencies and ratio match your approved rate.

Check the result​

Reopen the currency and confirm its codes and source. In Currency exchange rates, check the saved date, base currency and ratio. Before using the rate in a document, verify that the document currency and date refer to the intended rate record.

If a rate is unexpected​

Check the document date, selected base currency, both quantities in the ratio and the currency's source. For a calculated source, review the dependent currencies and formula. If a currency label or value is not displayed correctly, resolve it before saving an unidentified ratio.

The presence of Internet import controls does not establish a provider or an automatic update schedule. Check the configured source and the resulting records before use.

See also price types and company bank accounts.

Check the rate used in a transaction​

In a new order or invoice, check the price currency and settlement currency separately. Compare the document date with the saved exchange-rate date and review any rate conditions in the contract. Check both sides of the conversion and any multiplicity before accepting the document amount.

After saving, compare the document and settlement amounts. A saved catalog rate does not by itself confirm which rate was used by a contract or whether a currency revaluation has been completed.