Currencies is a reference list of the currencies used by the company.
Currencies are used in the expense requests, allowing the user to indicate expenses in any desired currency, which will be automatically converted into the basic one.
Base currency — the main currency of the company. In order to set the basic currency, please open System Settings and use Settings form to choose the desired value.
Important! The conversion of the values into the Base currency happens automatically during the process of entity editing. However, if the user decides to change the Base currency or the exchange rate retrospectively, such changes WILL NOT change available sums and totals. Thus, the Base currency will be changed only during the initial setting procedure.
How to add new currency
Open the list of Currencies. Use the action dashboard to Create currency. Please indicate the Name of the new currency, its code, and click Create button.
It’s recommended to use international classifier codes for the currency codes in the system: https://en.wikipedia.org/wiki/ISO_4217
It’s impossible to change the code of the currency after creation.
- Name — this is the name of the currency.
- Alpha3Code — the letter code of the currency. This code is shown in various reports. The code can’t be changed after the creation of the currency.
- Symbol — this is a symbol of the currency. This symbol is used as an indicator in the Currency type fields. It’s recommended not to use more than 3 symbols.
- Entity is active — this parameter shows if the currency is active. It’s impossible to delete a currency in use, but if the user doesn’t want to use it, it can be deactivated.
The exchange rate is used for automatic conversion (coercion) to the Base currency.
The exchange rate has to be indicated relative to the Base currency:
1 unit of the current currency x Exchange rate = 1 unit of the Base currency
Important! All retrospective changes of the currencies WILL NOT result in recalculation of sums and totals in already existing entities .