Exchange rates

The Exchange Rates page holds the exchange rates between currencies, one rate per currency pair and day. Use it to check the latest rates, to look back at the rates of a pair, and to add rates by hand or from an Excel file.

To open it, select Finance > Exchange Rates. The page has three tabs: Single Currency, Currency Pair History and Upload Rates.

How TrakIT uses these rates

If your company is set up to take its exchange rates from this table, TrakIT converts amounts on invoices, bills and other finance documents with the latest rate dated on or before the date the document uses for its exchange rate. If your company has set a maximum age for rates, an older rate is not used. A bill can use the alternate rate of the pair instead, with Use Alternate X-Rate on the bill. For how TrakIT handles several currencies in the books, see Multi-currency accounting.

If your company has set it up, TrakIT also adds the rates of some currency pairs automatically every day. These rates show System under Updated By.

Single Currency tab

The Single Currency tab shows the latest rate from one currency to each of the others.

1. Choose the currency in the list at the top. TrakIT remembers your choice.
2. Read the rates in the table, 20 currencies per page, by currency name.

Column	Shows
Code, Currency	The other currency.
Latest Date	The date of the rate added most recently for the pair, and how old it is: green for Today, amber for up to 6 days ago, red for older rates. - when the pair has no rate.
Rate	How much of the other currency one unit of the chosen currency buys, to 6 decimals, or No Rate Available.
Alt Rate	The alternate rate, if one was entered.

To add a rate from the chosen currency, select Add Rate. See Add or change a rate.

Currency Pair History tab

The Currency Pair History tab lists all the rates of one currency pair, newest first, 20 per page.

1. Choose the currency to convert from, and the currency to convert To. TrakIT remembers both.
2. To swap them, select Switch.

Column	Shows
Date	The date the rate applies from.
1 currency Equals	The rate: how much of the second currency one unit of the first buys.
Alternate Rate	The alternate rate, if one was entered.
Updated By	Who added or last changed the rate, or System for rates added automatically.

If the two currencies are the same, the tab says Please check currency selection.

To add a rate for the pair, select Add Rate. To change a rate, select its pencil icon; see Add or change a rate.

Add or change a rate

Add a rate

1. On the Single Currency tab, choose a currency, or on the Currency Pair History tab, choose a pair.
2. Select Add Rate.
3. From is the currency chosen on the tab. On the Single Currency tab, choose the To currency; on the Currency Pair History tab, it is the second currency of the pair.
4. Check the Date. It starts on today, and can go back up to one year but not into the future.
5. Check the Exchange Rate: how much of the second currency one unit of the first buys. TrakIT fills in the latest rate it gets from the Internet, when it can.
6. If needed, enter the Alternate Rate.
7. Select Add.

TrakIT checks the rate before saving it:

• A pair can have only one rate per day.
• The rate must be above 0 and at most 99,999.
• It cannot differ by more than 20% from the pair’s previous rate, the latest one dated before it.
• The alternate rate cannot differ by more than 5% from the exchange rate.

Change or delete a rate

You can change the rates dated less than 29 days ago.

1. On the Currency Pair History tab, select the pencil icon of the rate.
2. In Modify Exchange Rate, change the Exchange Rate or the Alternate Rate. The currencies and the date cannot be changed.
3. Select Save.

The new rate cannot differ by more than 5% from the old one, and the alternate rate by more than 5% from the exchange rate.

To delete the rate instead, select the cross icon at the bottom left of Modify Exchange Rate, then confirm. This cannot be undone.

Upload Rates tab

The Upload Rates tab adds many rates at once from an Excel file.

1. Prepare an .xlsx file. On its first sheet, put one currency pair on each row:
   • Column A: the base currency code, for example EUR.
   • Column B: the target currency code, for example XOF.
   • Column C: the exchange rate.
   • Column D: the alternate rate. Optional: leave it empty to set no alternate rate.
   • Column E: the rate date. Optional: without it, TrakIT uses today.
2. Select the Upload Rates tab.
3. Under Select File, choose the file.
4. Select Upload.

TrakIT adds each row as a new rate, with the same checks as when you add a rate by hand, and shows how many currency pairs were updated. Upload Results lists each row that has currency codes: Success, or in red, the reason it was refused.

TrakIT reads every row from the first one, so a header row shows up as an error that you can ignore. Rows without both currency codes are skipped. After more than 50 rows that were not added, TrakIT stops reading the file.

Who can use this page

Section	Permission	Allows you to
Exchange Rates	Read	Open the page and see the rates.
Exchange Rates	Create	Add rates, by hand or by upload.
Exchange Rates	Update Historic	Change the rates dated less than 29 days ago. Saving the change also needs Create.
Exchange Rates	Delete	Delete a rate, from Modify Exchange Rate.