Define Currencies Exchange Rates
This page describes how you will setup the exchange rates between the currencies you have activated in your BSS.
Activate your Currencies
You can activate your currencies from the BSS > Setup > Administration > System Options > Select Currencies section:
- Select the currency you wish and its ordering
- Press the
sign - Press Save for the new currencies to be activated
When a new currency is activated, new entries are added automatically in Current Rates section for defining the transaction rates of the new currency. For each currency, two new entries are created since you need to define both rates (e.g USD → EUR and EUR → USD). If for example, you add the GBP currency in a system where you already have the EUR and USD currencies, the system will create the following rate records: GBP / EUR, EUR / GBP, GBP / USD and USD / GBP.
Set the Exchange Rates
You can define the exchange rate between your currencies from the BSS > Setup > Administration > System Options > Current Rates section. In this section, there is a line for each currency combination for defining the current rate and for viewing the previous rates.
Define the current rate
You can define the current rate by editing directly the Current Rate field. By setting EUR / GBP = 0.87828 it means that 1 EUR = 0.87828 GBP.
When you enter a new rate, the previous rate is kept in the historic data we keep for the rates. These data are accessible from the Rates History link.
Rates History
Every time you update the exchange rate, a new historic record is added with the previous current rate.
For each previous rate you can see for which period was active and you can filter your results by searching for a specific period.
How are Exchange Rates Used for Billing
When you set an exchange rate in the system it will be considered the 'current' rate for the currency couple, until a new exchange rate for the same couple is inserted. This 'current' rate is what is used for transforming the amounts to the target currency on all invoices issued. This means that if I set an EUR/USD exchange rate of 1.14 at 20-June-2018 - 18:30, then all invoices that are issued afterwards, will consider as 'current' exchange rate the value 1.14. When I insert a new exchange rate for EUR/USD, of 1.16 at 21-June-2018 - 18:30 then, this will be the 'current' rate used for the invoices.