RightsZone enables you to save exchange rates that the system will use to automatically convert values in various parts of the app. Many organisations set a monthly or annual rate for the key currencies that they work in, and even if your organisation does not do this we would recommend updating the rates for your most frequently used currencies on a regular basis.
In most parts of the system, calculated currency conversions can be over-written on a case by case basis (this is to enable you to sync data with rates used by licensees). In Statements if you log your statement in a currency that there is no exchange rate for, you will be prompted to add one and the system will then save that into the standard exchange rate settings for future use.
Note: Usually only Admin Users can set Exchange Rates.
How to set a currency exchange rate
1) Navigate to SetUp, by clicking on the cog icon from the toolbar at the top right hand side of the screen and selecting SetUp.
2) In the Search SetUp bar field at the top of the screen, type "Currency", then select Currency Rates.
3) On the Currency Rates page, select Manage.
4) To update an existing exchange rate, select the Edit option next to the currency pairing you want to update.
5) Edit the Rate to show the new value and click Save.
6) To add a new currency rate,select New from the Currency Rates page.
7) Enter the following information:
- Name: Enter the ISO 3 digit currency code for the currency you wish to convert from, followed by "-" and then the currency code that you wish to convert to. e.g. GBP-USD
- Currency Code from: Enter the ISO 3 digit currency code for the currency you wish to convert from e.g. GBP
- Currency Code to: Enter the ISO 3 digit currency code for the currency you wish to convert to e.g. USD
- Currency from: Enter the currency description (best practice would be to use the ISO description) e.g. United Kingdom Pound
- Currency to: Enter the currency description (best practice would be to use the ISO description) e.g. United States Dollar
- Rate: Enter the rate at which you want the system to convert values in the 'from' currency to values in the 'to' currency e.g. 1.231634 (you can enter up to 6 decimal places).
then select Save.
See top tips section below for more info on ISO codes
TOP TIPS
- You can find a list of ISO Currency Codes on the XE.com website here: https://www.xe.com/iso4217.php
- Update your exchange rates reguarly, we would recommend reviewing once a month unless your organisation sets rates lessfrequently.
- If you don't have company set rates the XE.com website is a good source of rate information and can also show historic rates, so that you can check whether a rate a licensee is using from a specific date seems reasonable.