Overview:

This function allows a system administrator to add or modify currencies and their respective rates. All rates are relative to the Local Currency (or System Currency) which is set in Setup Wizard. Changing the Conversion Rate will update the Local to FC and FC to Local currencies, subsequently affecting the conversion of future transactions (unless they were set to a fixed rate). The grid can be updated as often as required, or if your company does not operate with foreign currency, this function can be ignored.

Screen Guide:

The above example uses AUD as the system (local) currency.

• Code is the global standard Currency Code (external link).
• Symbol is the standard representation for the selected currency. If your keyboard cannot type the symbol, you can copy and paste from an external website.
• Description should describe the currency.
• Conversion Rate is the rate that this currency converts from the system currency. Workbench does not update this field automatically and will keep the last entered rate until a user changes it. Rates can be entered up to eight decimal places long, therefore it is wise to source rates from a source that provides this information to ensure accurate conversions.
• Rate Change Date should be updated by the user to the date that the Conversion Rate was changed.
• Printable Description should generally be the same as the Code for easy recognisability.
• Bank Code is the Global Bank Code (https://en.wikipedia.org/wiki/ISO_4217 for reference).
• Local to FC where FC stands for Foreign Currency, displays the conversion from the Local Currency to the selected Foreign Currency using the Conversion Rate.
• FC to Local displays the conversion from the selected Foreign Currency to the Local Currency using the reverse Conversion Rate.
• The Active flag allows you to make a currency inactive if it should no longer be used. The filter by default filters out inactive currencies.

You can add more currencies by clicking + New Line and filling in the mandatory fields. Click Save after making any changes to this table.