'Currency codes and rates' is where you set up the currencies that will be used in the system and its exchange rates.
Locate the setup menu under Settings > Global System Settings > Currency codes and rates
Please reach out to your WorkBook administrator or your Consultant if you cannot find the module/menu.
ON THIS PAGE YOU WILL FIND: |
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REVIEW COMPANY CURRENCY
Each company has only one company currency (or base currency) and this can only be set once when you create a new company.
This view allows you to review the currency that has been set as the base currency for each company.
The base currency usually is the local currency of your country.
Company: shows the list of companies that you have created in WorkBook system
Base currency: shows the base currency set up against the relevant company
Rate table: shows the rate table set up against the relevant company. It is similar to the base currency, the rate table can only be selected once when you create a new company. Refer to the ‘Rate table’ section below for more information.
RATE TABLE SETUP
The rate table is used for keeping the currencies and currency rates. The system always has a ‘DEFAULT’ rate table created as the initial setup.
Each rate table will have a unique base currency which will be used for converting the foreign currencies using the input currency rates.
For example, if the base currency of the default table is AUD, all the foreign currencies defined under this rate table will need to use the exchange rate converting to AUD.
To create a new rate table, click on the icon ‘add new rate table’ 
A pop-up window appears allowing you to select the currency that will be used as the base currency and enter the name of the rate table.
Click OK to confirm the information.
To delete the rate table, select the rate table from the list and click on the ‘delete’ icon
On the pop-up window for confirmation,
Click ‘Yes’ to continue deleting the rate table.
Click ‘No’ to cancel the action.
CURRENCY SETUP
This is where you can set up the currencies that will be used in WorkBook system.
Currency code
: the abbreviation or the code of this currency. Usually, this is set the same to the ISO 4127 code.ISO 4127: is a standard ISO code that defines the currencies and will be populated automatically by the WorkBook.
Name: the name of the currency
Currency symbol: the symbol of the currency. (e.g. A$, $, €, ₫ … )
Blocked: select the checkbox if you want to block this currency and leave it unselected if you want to keep it active.
Reporting: select the checkbox if you want to generate the reports in WorkBook using this currency.
To add a new currency, click on the icon ‘add new’ and select the option ‘Add currency’
From the pop-up window, enter the following:
Select the currency you want to add to the system
On the ‘default rate’ section, enter the default rate for this new currency converting to the base currency from each rate table that you have in the system.
Rate table: shows the rate tables that have been created in the system
Base currency: show the base currency set on each rate table
Default rate: input the rate for the new currency for the relevant rate table.
IMPORTANT: The currency rate in WorkBook is the rate for 100 units of new currency converting to the base currency.
For example, in the screenshot below we add the SGD as a new currency and the system ask to update the default rate for the 2 rate tables.
For the ‘Default' table in the example, we have base currency = AUD, and 100 SGD = 102.12 AUD. Therefore the rate '102.12’ is the value we need to enter into the system.
For the ‘USD base table' in the example, we have base currency = USD, and 100 SGD = 74.42 USD. Therefore the rate '74.42’ is the value we need to enter into the system.
Click OK to confirm the information.
Note: you can’t delete the currency after adding it but you have the option to block it from being used by selecting the checkbox ‘Blocked’ mentioned above.
CURRENCY RATE SETUP
This is where you can update and maintain the currencies' rates of the relevant rate tables.
From the toolbar:
Rate table: allow to drop down and select the rate table that you want to update
Search: allow to search for the currency in the selected rate table
Hide blocked: select the checkbox if you want to hide the blocked currencies.
The upper grid displays the list of currencies you have in the system with the current rate being used for each currency.
Currency code
: the currencies that you have defined from the Currency setup tab.Currency: the name of the currency
Current rate: the latest rate has been entered into the system using the subgrid.
Date: the date when this latest rate is applied from
The base currency always has the current rate = 100.
The sub-grid displays the historical rates that have been entered in WorkBook relating to the currency is selected from the upper-grid.
Rate: the rate has been entered into the system
Valid from: the date when this rate is applied from.
To enter the new rate for a currency,
select the currency from the upper grid.
From the subgrid, click on add new line icon
The pop-up window will let you enter:
Valid from: the date when this new rate will be applied
Rate: the new rate to apply for this currency at 100 units.
From the example screenshot, we add the new rate for USD where the base currency is AUD.
Therefore the rate needs to enter here will be 100 USD = 137.32 AUD.
Click OK to confirm the information.
The upper grid is now updated with the latest rate that has just been entered.
