Currencies - Should USD be at 1.00?

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Posted on by abutler1986

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Hi,

Just setup the currencies and linked it to an exchange rate service (float rate) seems to work pretty nicely, had one question though, the main currency should be USD, so why does it show another rate next to USD, does anyone know what the defaults to?

I am probably missing something but I would expect all the currencies to be linked to what the USD --> Listed currency is, may be the case but just can't explain why the USD is not 1.00 rather than showing a different number.

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Teddy Herryanto (Th... 14,284 Super User 2025 Season 2 on at

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If your local currency is USD, you are not supposed to have USD in your currencies table.

Blank is USD. You should remove the USD currency.

You also need to check if you are using the correct feed link.

Check this link to setup the exchange rate service using floatrates.

thatnavguy.wordpress.com/.../

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abutler1986 677 on at

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Thanks Teddy I will get the USD currency removed from the table then, I have checked my exchange rate and it is exactly the same as the link you sent - apart from the inverse rate, can you explain exactly what this means?

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keoma 32,729 on at

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the inverse rate is the opposit of the exchange rate.

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abutler1986 677 on at

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Thanks Franz, would you say it is / should be standard practice to have this in set?

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abutler1986 677 on at

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Also, is there a way of having the exchange rate service across all companies or do I need to setup this up in each company? I was expecting to create it in one same for the full list of currencies and it map across them all

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abutler1986 677 on at

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When I go to create a new Purchase Invoice it seems to want me to add a currency in, how do I get around this if I delete USD from the currency table?

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abutler1986 677 on at

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keoma 32,729 on at

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afaik it's per company. but that's no big point, because there is a exchange rate service connected to the currency list, which updates the list (needs setup).

an inverse rate is only needed, if there is no exchange rate available.

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Teddy Herryanto (Th... 14,284 Super User 2025 Season 2 on at

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You need to set it up per company. Each company can have different local currency, so it makes sense to setup per company. Once setup, you can just leave it because it will automatically feed from the website.

Try checking for General Ledger Setup - Invoice Rounding Precision. All local currency setup is in the General Ledger Setup.

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