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Points to note

Set up Currency Rates

Use Currency Rates

Managing multi-currency transactions

Currency rates video tutorial

Points to note

• Unleashed's Currency Rates do not automatically update with global exchange rates. They are manually set and will need to be updated by your users as and when appropriate, to align with your Customer and Supplier agreements.
• Exchange rates used in accounting software's such as Xero or Quickbooks will not sync with Unleashed's Currency Rates. We recommend reviewing each transaction's specific exchange rate in Unleashed prior to completing them, to minimize variances between Unleashed and your accounting software's accounts.
• Your account's Base Currency cannot be changed once transactions have been created in your account. 

Set up Currency Rates

To create Sales and Purchase Orders in currencies other than your account's base currency, you must first setup each currency in your system settings. 

To set up the currencies you want to trade in:

1. From Unleashed's main menu, go to Settings, System and click on Currency Rates. 
2. Use the *Currency Selection dropdown menu to select an alternative currency.
3. Enter a Buy Rate, the amount of foreign currency you get for one of your base currency.
4. Enter a Sell Rate, the amount of base currency you get for one of the foreign currency.
5. Click Save.

Tip: If you are unsure of the currency rate, make an estimation. The rates set in the Currency Rates page is a default currency rate that can be edited per transaction.

Once a Currency Rate has been setup, it'll be listed as a Foreign Currency in the Currency Rates page. It can be used for Sales and Purchase Orders by creating new Customer and Supplier records with the Currency Rate as their Default Currency. When a Default Currency has been saved for a new Customer or Supplier, and a transaction has been created for them, their Default Currency cannot be changed. 

Edit a Currency Rate

If an existing currency's buy or sell rate has changed, you can update it's default rates in the Currency Rates' page:

1. From Unleashed's main menu, go to Settings, System and click on Currency Rates. 
2. Use the *Currency Selection dropdown menu to select the currency being updated.
3. Enter an updated Buy Rate, the amount of foreign currency you get for one of your base currency.
4. Enter an updated Sell Rate, the amount of base currency you get for one of the foreign currency.
5. Click Save.

The updated rates will apply to any new Sales or Purchase Orders created after the rate was updated. The exchange rate already applied to existing Sales or Purchase Orders will not be changed. 

Use Currency Rates

When a Customer or Supplier trades in a currency that isn't your account's base currency, set them up in Unleashed with their preferred currency as their default and any Sales or Purchase Orders subsequently created for them will always use their default currency. The unit prices, charges or costs added to the Sales and Purchase Orders will be in the Customer or Supplier's default currency and Unleashed will use the buy rate set in Currency Rates to establish an initial exchange rate for the transaction. 

As exchange rates are known to fluctuate, you have the flexibility to update the exchange rate that's been populated per transaction at any time, prior to completing their Sales Invoice or receipting their Purchase Order. 

Exchange Rates for Sales 

When a Customer's been created with a currency that differs from your base currency, any Sales Order created for them will be created in the customer's base currency and the current buy (default) rate set in the Currency Rates page will automatically populate as it's exchange rate.

The Sales Order's exchange rate will be displayed in the Sales Order's header details, in a field labelled "{base currency} to {customer currency} Rate". Edit the rate at any time, prior to the Sales Order's Invoice being completed, to ensure the rate aligns with yours and your customers agreed pricing.  

Exchange Rates for Purchases

When a Supplier's been created with a currency that differs from your base currency, any Purchase Order created for them will be created in the supplier's base currency and the current buy (default) rate set in the Currency Rates page will automatically populate as it's exchange rate.

The Purchase Order's exchange rate will be displayed in the Purchase Order's header details, in a field labelled "Exchange Rate". Edit the rate at any time, prior to the Purchase Order being receipted, to ensure the rate aligns with yours and your supplier's agreed pricing.  

Currency rates video tutorial