Updating journal entries currency rates automatically
You can now directly view the exchange rate when selecting a currency from the journal entry screen. You can manually adjust this rate within the same screen; however, this change will apply only once. Suppose you want the manually entered rate to be used for all future entries. In that case, you can enable the button below the exchange rate in the entry instead of manually changing the rate in the “account settings.”. To make this button visible, it must first be activated in the “accounting settings.”.
How to update journal entries currency rates automatically?
- To automatically update currency exchange rates for journal entries, click on “Accounting Settings” from the “Accounting” dropdown in the main menu.
- Then click on the “General” card.
- Enable the “Update Journal Entries Currency Rates” button, then click the “Save” button.
- When entering a new journal entry and selecting a currency different from the system’s default local currency, the current exchange rate will appear automatically, and you can modify the exchange rate and manually enter the desired rate.
- After entering your preferred exchange rate manually, enable the “Update System Rate” button if you want the new exchange rate to be applied to all future journal entries.
- This entry and all subsequent entries will then be displayed according to the updated exchange rate, making it the default rate.