Setting Up Currencies & Automated Exchange Rates
Questions:
- How do I add a new currency?
- How do I format decimal places for pricing?
- How does the automatic ECB exchange rate work?
Description:
Currency Management allows administrators to define currencies available within the system. These currencies are used for products, invoices, orders, and financial reporting. We will show you, step by step, how to:
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Define Currencies: Create and format custom currency displays.
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Automate Exchange Rates: Connect to the European Central Bank (ECB) for automatic conversions.
Solution:
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Navigate to System Data Management in the System.
System → System Settings → System Configuration → System Data Management
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Navigate to Currency - Navigate to the Currency section within your System Data Management configuration.
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Click the New button to add new currency details.
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Define the Core Currency Details - To add a currency, fill in the ISO Code, the Currency Symbol, and the Designation name.
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Configure Currency Formatting
Set the visual layout by adjusting the Decimal Places and defining the Decimal Separator. Toggle the Append Symbol setting depending on whether the symbol should appear before or after the number.
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Set Up Conversion Factors & ECB Rates
Enter a manual Conversion Factor, or toggle the "ECB Automatic Exchange Rate" to have the system fetch live rates automatically.
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Adjust Offsets and Click on Apply Button to save
If desired, input a Currency Offset Percentage to buffer the exchange rate. Review the Example Currency Preview to ensure the display is correct, then click on Apply Button to save.
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Save the Configuration
Tips and Tricks:
Pro-Tips:
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Utilize the Example Currency Preview feature to guarantee your decimals and symbols look exactly how you want them to before saving.
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The ECB toggle is highly recommended for ensuring international invoices remain accurate to the daily market.
Warnings:
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Ensure your base conversion factors are set correctly if you choose not to use the automated ECB rate.