Now that you have activated multi-currency, you’re now able add new currencies to your application and define specific exchange rates (XR).
Adding a new foreign currency (trading currency)
To add a new currency to Opencell portal, click on the “+” icon on the setting page :
You are now on the creation page of your new currency. You can click on the code to choose from the list to add a new currency :
You can now customize the “NAME” of the currency and also the displayed decimals that will be the number of decimals shown on invoices and reports. You can also the preview of how amounts are going to be displayed on invoices.
You can click on save to finish the creation of your new currency.
You can update these 2 settings at any time on the currency page.
Creating a new exchange rate (XR)
Congratulations ! You’ve now added your 1st foreign currency in Opencell portal. Now that you’re ready to associate this currency to some of your clients, let’s see how to set an exchange rate.
To do so, click on the “+' icon on the currency page :
Then you can choose the date from when the rate will apply and the rate itself.
After saving, the rate is saved. You can use the history component to track modifications made on a rate.
Enter the rate from your functional currency to the trading currency: it is the amount of trading currency you get for one unit of your functional currency. For example, if your functional currency is EUR and the trading currency is USD, enter 1.04 for EUR/USD = 1.04, that is 1 EUR = 1.04 USD. Amounts in your functional currency are multiplied by this rate to get amounts in the trading currency.
As you type the rate, a preview next to it shows the result for 100 units of your functional currency, for example 100€ = 104$, with the number of decimals displayed for the trading currency. The hint on the exchange rate recalls the direction with the two currency codes, functional currency first, for example EUR/USD.
Once you’re done, you will see in the table all rates set for your new trading currency. You can set rates in the future, and modify or delete them until their from date is reached (see below for the users who can also change today’s rate and past rates):
When the “FROM” date is reached, the tag “CURRENT RATE” is given to the exchange rate. An invoice uses the rate valid on its invoice date, whatever the day it is created or generated: see Multi-currency on invoices.
On this table, you can see the last user that modified the rate, and also the date of the last modification.
Without the CFO role, you cannot create a rate starting in the past, nor modify a rate whose from date is today or in the past. To change the current rate, create a new rate starting on a future day.
Users with the CFO role can also:
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modify today’s rate, for example to correct a mistake without waiting for the next day to invoice;
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modify a rate in the past;
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create a rate starting in the past, for example for a billing run that should have been launched earlier.
When you modify today’s rate or a past rate, a warning asks you to confirm: the new rate applies only to new operations, and invoices already validated keep their rate. Every change is recorded in the history of the rate.
A currency has one rate per from date at most: to change the rate of a date that already has one, modify that rate.
Now that you have set exchange rates for a currency, you will be able to generate an invoice in this currency.
Archiving a currency
You can archive a currency if you’re not using it anymore or if you don’t want it to be displayed upon creating a new customer. To do so, you can click on the “ARCHIVE” button on the currency page.
Archiving currencies will not impact previous invoices. It just hides them. You can reactivate a currency at any time by clicking on the “REACTIVATE” button, after using the filter “show archived” on the currency table :
