Currencies
Overview
Currency conversion may be relevant if your accounting system's base currency does not match your desired budgeting or reporting currency or if your organization includes multiple legal entities with different base currencies that need consolidation. Using our custom exchange rate source enables automatic conversion of actuals across entities.
Configure
Before enabling the conversion of actuals from your accounting sources, you'll first need to add a Custom Exchange Rate source to your organization through Data Sources. Once you've selected 'Add Data Source', you will need to:
Specify the currency pair by defining a base and target currency, e.g., EUR/USD.
Input the custom exchange rates used for converting actuals between the two currencies.
Once the Custom Exchange Rate source has been configured, automatic currency conversion can be enabled on any connected accounting source. Enable currency conversion by going to the Settings of your accounting source and selecting 'Convert base currency on import'. Once enabled, you must (1) define which Custom Exchange Rate to use, and (2) specify your desired target currency.
The rate for the earliest month applies to all months before that, but rates are not extrapolated into the future. Following the month-end closing process, you must update the Custom Exchange Rate source you've defined to avoid multiplying actuals by zero.
Multiple currencies
Multiple custom currency conversions may be required for consolidation purposes if the connected accounting sources have different base currencies. In this case, simply add a Custom Exchange Rate for each currency pair and apply these to their respective accounting sources to unify the currency of imported actuals across all your accounting systems.