Currency Rates

Gravity allows organization to maintain currency FX rates automatically with the reporting service Open Exchange Rates service (https://openexchangerates.org) or manually by entering the rates into the Currency Exchange Rates Table.

Rates can be set up for updates to be made Daily, Weekly or Monthly. In the Master Entity you can configure the frequency. Contact Gravity support for the Open Exchange AppID.

When required update the exchange rates manually. Access currency exchange rates from the system settings, financials options.

 Selecting currency exchange rates displays the active currency conversion grid screen.  

 Multi Entity Note- Note on the active currency conversion screen there is no multi-entity functionality. Exchange rates are setup and shared with all entities. When needed, the user can edit an exchange rate in the applicable transaction screen.     

Use the active currency conversion screen’s new icon to set up a new conversion. Click on a conversion displayed to edit the record.

Clicking new displays the currency exchange rates screen. Use the screen fields to set up a new currency exchange rate.

Name- Use the name field to name the exchange rate. Take care when wording the rate so that the rate is clearly defined.

Effective Date- Set the rate’s effective date in this field.

From Currency- Use the from currency field to select the “from” currency. In this example, Canadian dollar. Use the field’s search feature to identify and select the correct currency.

To Currency- Use the from currency field to select the “to” currency. In this example, Euro. Use the field’s search feature to identify and select the correct currency.

Rate- Enter the rate into the rate field. Be sure to use the proper level of precision to keep transaction rounding to a minimum.

Owner- The name of the user setting up the rate.

Use the action menu to manage exchange rates.

Delete- Delete a rate using the action menu’s delete function.

Deactivate- Use the action menu’s deactivate function to deactivate the rate. Deactivating a rate removes the rate from the active screen and it cannot be used until re-activated. 

Re-Activate-  Re-activate a rate from the inactive screen’s action menu.

Delete, deactivate and activate tasks can be completed from the grid or individual record screen.