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An Exchange Rate says “1 unit of From Currency is worth this many units of To Currency, as of this date.” When you create a document in a foreign currency (e.g. a Purchase Invoice in USD, but your base currency is MYR), the system looks up the most recent applicable rate and locks it in at submit time — so the amount posted to your accounting books is fixed and never silently changes later, even if you add a newer rate afterward.
Exchange Rates list showing USD to MYR at 4.70

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Exchange Rate Fields

Rates are not automatically inverted. Adding USD → MYR at 4.70 does not mean the system can figure out MYR → USD on its own (that would be 1 / 4.70). If you ever create documents in both directions, add both rate rows explicitly.
When a document needs a rate, the system uses the most recent rate on or before the document’s posting date — not necessarily the newest one in the list. Keep your rates up to date if you transact in foreign currency regularly, e.g. update weekly or daily.

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Create an Exchange Rate

1

Go to Retail → Exchange Rates

Under Retail — Masters.
2

Click New Rate

Choose From Currency, To Currency, the Rate, and the date it takes effect.
3

Save

The rate is now available to any document posted on or after this date, until a newer rate is added.

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Frequently Asked Questions

Nothing — the rate is locked into the document at the moment it’s submitted. Adding a new rate afterward only affects documents submitted after that point.
If a payment is made on a different date (and therefore a different rate) than the original invoice, the difference posts automatically to the FX Gain/Loss account — you don’t need to calculate or post it manually. See Payments.

Currencies

Register the currency first

Purchase Invoices

Create a foreign-currency invoice

Payments

See FX gain/loss on settlement

Overview

Back to the module overview