Exchange rates and fixed exchange rates

In E-conomic our exchange rates are updated daily (during the night) by XE.com for a number of currencies. These exchange rates are also kept in the system historically.

We support all the exchange rates you can find in the ”Fixed exchange rates” menu under the Settings tab, except for the exchange rates for CFA and RSD which are not updated.

If you haven't applied the default setup, please remember to register accounts for exchange rate differences for customers and suppliers. Select the "Settings Tab" and click the menu point "System accounts".

You can add your own fixed exchange rates in E-conomic quickly and easily.

To edit an exchange rate:

1. Click ‘Settings’ > ‘System setup’ > ‘Fixed exchange rate’
   
2. Click the ‘Edit’ icon to the right
   
3. Enter the desired exchange rate. The rate must be stated in hundreds. I.e. if the exchange rate of USD vs. Pound is .625:1, enter ‘62.5’.
   
4. Click ‘OK’
   

When creditor and customer entries are matched in foreign currencies, the system automatically ensures that any exchange rate difference is entered on the system accounts as ‘Exchange rate difference gains, customers’/‘Exchange rate difference gains, suppliers’ or ‘Exchange rate difference losses, customers’/ ‘Exchange rate difference losses, suppliers’

Note that these accounts must be created if a default account setup was not selected originally.

The following link shows you how to create an invoice in a foreign currency:

• Creating a euro invoice

This video shows you how to process customer receipts in EUR