How to set Currency divide by the exchange rate?

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Posted on by Patricia Oh

Hi everyone,

I need some help.

I would like to have foreign currency calculate to local currency by divide the exchange rate, instead of multiply by the exchange rate.

I have no idea how it can be done.

Thanks in advance for your help.

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Suggested answer

Nitin Verma 21,684 Moderator on at

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RE: How to set Currency divide by the exchange rate?

If you are talking about to see the what is the total amount in your local currency would be if you are using Sales Invoice or Purchase Invoice so in that case you consider the Amount (LCY) in both the documents, it will show you local currency amount.

Thanks.

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Patricia Oh 32 on at

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RE: How to set Currency divide by the exchange rate?

Hi Nitin,

Am referring to divide a currency by the exchange rate

Example:

Local currency is in USD. In the exchange rate table, SGD Currency exchange rate at 1.33

A Purchase Invoice at SGD 1,000. Wish to set the BC to convert SGD 1000 into local currency, by divide the exchange rate 1.33 during the Purchase Invoice entry.

Currently it converts by multiply the exchange rate.

Thank you

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Suggested answer

Nitin Verma 21,684 Moderator on at

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RE: How to set Currency divide by the exchange rate?

If you go to the Currency page you will the exchange rate amount there, you can use that to manipulate your data.

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Patricia Oh 32 on at

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RE: How to set Currency divide by the exchange rate?

Hi Nitin,

Aside manipulate the exchange rate, can it be done for a currency divide by the exchange rate?

Thank you

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Gavin 2,502 on at

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RE: How to set Currency divide by the exchange rate?

Hi,

Not sure if this helps but when adding your exchange rates you can either enter the rate in the "Exchange Rate Amount" field or the "Relational Exch. Rate Amount" field.

For example below on the 01/03/23 I've entered my rate in the "Exchange Rate Amount" box. This is effectively saying 1.67 SGD is equal to 1 GBP (my LCY currency). In the 01/04/23 row I've entered the rate into the "Relational Exch. Rate Amount" field. This is effectively saying 0.6 GBP is equal to 1 SGD.

These rates produce similar results on the journal:

I also wrote this article on exchange rates for my blog:

thedynamicsexplorer.com/.../

Hope this helps.

Thanks

Gavin

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Patricia Oh 32 on at

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RE: How to set Currency divide by the exchange rate?

Hi Gavin,

Thanks for your helps! It resolved my concern.

Patricia

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