Setting up the Currency Rates

Daftra software  determines the foreign currency conversion rate used in financial transactions to the account’s main currency according to the globally accepted conversion rate. However, the account holder can set their own conversion rate through the software’s settings. This standard will be used to convert the values of financial transactions in the account when displaying them within reports in different currencies.

Steps to set up the conversion rates between currencies in Daftra

1. From the main menu, click on “Settings”.
2. Select from the list “Account Settings”.
3. Click on the link “Currency Rates” next to the “Currency” field in the “Account Settings” section.
4. Click the button “Add Currency Rate”.
5. Adjust the desired conversion standard:
   • From Currency: Select the currency you want to convert from the list, and the software automatically selects the main account currency.
   • To Currency: Select the currency you wish to convert to from the list.
   • Date From: Select the date when this rate will be used for conversion instead of the default global conversion in the software .
   • 1 unit of the currency equals: This field is dedicated to adjusting the conversion rate, for every 1 unit of the currency you wish to convert. Example (Currency from SAR, Currency to USD, Conversion rate for every 1 SAR equals 0.30. This means every 1 Riyal equals 0.30 Dollars).