Currency Conversion Rate

Welcome to AlignBooks. We are happy to have you on board. In this help studio tutorial, we will explore the “Currency Conversion Rate” set up options.
Before we begin, let us understand about the need of Currency Conversion Rate setup and the usage of this particular activity.
If you are in a business where you need to raise invoice and get your purchase documents in different currency than the base currency in which you are maintaining your accounting records, you will need to convert the document currency (currency in which document is prepared) into your base currency for all accounting purposes.
Now a days the rate of currency fluctuate every movement and it is not practically possible to get the conversion rate every time you generate a document. To overcome this situation you need to take a base conversion rate daily, weekly or monthly and based on that conversion rate documents prepared by you are converted and accounted for in you books of accounts. When you receive or make the actual payment, the difference (actual payments/receipts and amount booked earlier) is accounted for in Fluctuation difference account.
Therefore, in Currency Conversion Rate we setup the conversion rate for each currency with all the available data at hand. This library of data is extensively used to capture and auto generate the required documents and reports in a desired format.
This facility is available only if you have configured “Multi Currency -ON” while configuring your Company Setup. For doing so, go to Configuration -> Company Setup -> General Setup and keep the Multi Currency option “ON”. 
You can also edit and delete an already created set of information with required authorisation.
The key functions of a Currency Conversion Rate Module are:
We will be going through the each of these set of information in detail.
New Conversion Rate Master Creation–
If you are on home page, you need to click on  Icon  titled as “Configuration” . You will get many options available under Configuration Menu. Click on to select this option.  The Screen appears will look like;
You can see the option at top right of the screen. Click on this option and you will  be directed to the relevant Conversion Master creation screen
Currency Conversion Rate
1Description : Type a Description for  the identification of conversion rate master.
2Effective From : Enter date from which these rates are effective in DD/MM/YYYY format.  You can pick a rate from calendar function.
3Get Latest Rate : Click here to get last rates available in the System.
A list of currencies you are presently dealing with is displayed showing name of Country, Code of Country Currency Symbol and Rate. If you want            to add more currencies, click on tab.
4Rate : yYou can input the current rate or can get latest rate as discussed above.
5Click on to Save the values
6Click on to exit from New currency conversion rate master.
Edit: If you wish to Edit a currency conversion rate, click on . The  currency conversion ratedetails will be opened in edit mode, you can make the required changes and click on to save the changes made by you. If you think that this record is no more required, you can delete the record by clicking on .
Delete : If you wish to delete a currency conversion rate data, Click on and confirm the deletion. It is advisable not to delete an currency conversion rate data, you can always opt to make it “Inactive”.
Export : Click on to Export the data as visible in the list to an Excel Sheet.
Search : Type a text to search a particular record.
Group : If you want to Group your display  on any particular field, hold that field and drag alittle up outside the Grid, your display will be grouped on that field. To remove the grouping drag the field back into the Grid column.
Sort : If you want to sort data on a particular field, click on the label of that field, your data will be sorted on that field. You can reverse the order of sorting by just Double click on the label of that particular field.
Click on to Exit from the Currency Conversion Rate.
We hope you enjoyed this tutorial. Please give us a call for further help.  Happy Aligning!
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