Setting Exchange Rates

Currency

Select the currency for which you want to set an exchange rate.

Effective Date

The current date is displayed by default. Optionally, select a different date on which the exchange rate becomes effective.

Buying Exchange Rate

Specify the exchange rate used for purchase orders sent in this currency. The default value is one (1). The buying exchange rate is used in purchasing when purchase orders are paid with foreign currency. After purchase orders are entered with the amount in a foreign currency, the foreign currency is converted to the domestic currency by dividing the foreign currency by the buying exchange rate.

Selling Exchange Rate

Specify the exchange rate used for sales orders accepted in this currency. The selling exchange rate is used in sales/parts orders when orders are placed in a foreign currency. After entering sales orders with the amount in a foreign currency, the foreign currency is converted to the domestic currency by dividing the foreign currency by the selling exchange rate.NOTE: If your domestic currency is set as Part of Euro, the foreign currency buying and selling exchange rates are no longer the foreign-to-domestic rates. They become the number of units in this foreign currency to one unit of the Euro currency. The system uses the foreign currency buying and selling exchange rates in conjunction with the "1 Euro =" rate for your domestic currency when performing Triangulation conversions.

User Initials

Specify your user initials to distinguish this rate from others.