Configure Currencies and Their Exchange rate in Borealis

When operating in several countries and having teams operate in those countries, your company may require the use of several currencies to report on expenses. The exchange rates allows you to create specific exchange rates between currencies before using them to automatically calculate payments in the targeted currencies.

This article covers the following:

• How to configure the exchange rate of currencies in your system
• How to modify an existing currency
• How to deactivate or reactivate a currency so it can no longer be used or it can be used again

Configure the Exchange Rate of Currencies in Your System

1. Navigate to Exchange rates in Configuration.
2. Click the +Create button in the upper left corner of the list page.
3. Specify information for the mandatory fields:
   • Name: This is used to identify and select this specific exchange rate in your system.
   • Local currency: This value is setup in the Data dictionary Local Currency.
   • Start date: This indicates the date at which this exchange rate should be used when creating deliveries. This field is optional and does not impact availability of this exchange rate.
   • End date: This indicates the date at which this exchange rate should no longer be used when creating deliveries. This field is optional and does not impact availability of this exchange rate.
   • Exchange rate: This field indicates the value of the exchange rate for this particular entry.
4. Click the save button.

Modify an existing exchange rate record

1. Navigate to Exchange rates in Configuration.
2. Open the exchange rate which you want to modify.
3. In the General information page, click the Edit (pencil) icon in the information page.
   
4. Modify the values as needed.
5. Click the Save button.

Note: When the Exchange rate field value is modified, the value of the Amount (corporate currency) field for all expenses linked to that exchange rate wil be updated dynamically.

Deactivate or Reactivate an exchange rate in your system

1. Navigate to Exchange rates in Configuration.
2. Mouseover the currency which you want to deactivate or reactivate.
3. Click the Deactivate or Reactivate button on the right side of the list page. When deactivated, an exchange date cannot be selected anymore. Make sure you deactivate the exchange rates when they are not valid anymore to make data entry simpler for users.
   
4. You can specify a comment in the Comments field.
5. Click the Deactivate or the Reactivate button.