Academy

Set up currencies and exchange rates

See the currencies you trade in and their rates against the dirham, change a rate, and add another currency.

Accounting 4 steps 0:56 video Accounting - Manager
Where to find it AccountingConfigurationCurrencies & Rates

Before you start

Your company's base currency is AED. Every other currency has a rate: how many AED one unit is worth, for example 1 USD = 3.6725 AED. Only the currencies listed here can be chosen on invoices, bills and payments.

Steps

  1. Open Accounting > Configuration > Currencies & Rates. The row marked Base is your company currency.
  2. Each other row shows its rate in the 1 unit = AED column - how much one unit of that currency is worth in AED - and the date it was Updated.
  3. Click History to see the old rates and to add a rate for a past date. To change a rate, type the new number in the box and press Enter.
  4. To trade in another currency, type its code or name in + Add a currency (for example Pound) and pick it from the list, then type its rate.

Tip

Update the rate when your bank's rate changes. The difference between the rate on an invoice and the rate when it is paid is an exchange gain or loss.

Note

Remove takes a currency off the list. At month end you can revalue open foreign-currency balances with the Foreign Revaluation report in Accounting > Reports.

What happens next

Choose the currency on a customer invoice or a vendor bill, and SiaOne shows the totals in the document currency and in AED.

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