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Edit Exchange Rates

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Created by Natalie le Roux , last modified by Ntswaki Tsotetsi on Jan 21, 2022

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If your agency does business with foreign Clients or Suppliers and you have created Currency Codes to transact with them, you will need to configure Exchange Rates for each currency. In Chase, you can manually configure the rate or automatically import them from FloatRates. If your agency prefers to manually configure rates, then the information needs to be updated regularly to make use of the most current exchange rates.

Foreign currency values in documents such as Supplier Invoices and Tax Invoices will always be calculated against the Exchange Rate in effect on the creation date of the document. Chase tracks changes made on the Edit Exchange Rate screen over time.

Screen layout

Edit Exchange Rate screen

Edit Exchange Rate dialog

If a CE is quoted in a foreign currency, the home currency equivalent will display on all the Chase related list reports, while the CE will display in the foreign currency. NOTE: The CE will use the Selling Rate and the PO will use the Buying Rate.

When actual billing takes place, the most accepted policy regarding the exchange rate is that the rate will be as is on the day. This could either result in an additional profit or loss for the agency. Policies may vary and will depend on the agreement between the Client, Agency, and Supplier.

Field Help

Edit Exchange Rate screen

Edit Existing Rates	This will update the rate keeping the current start date (i.e. replace it).
Amend with Updated Rates	This will keep the old rate prior to the Active on date and apply the new rate from that date onwards.
Active on	The date from which the exchange rate is effective.
Add New	Adds a new currency to the list.
Save	Saves changes made to this screen.
Currency	The currency code.
Bank Buying	The buying rate is the rate at which a trader would buy an amount of a foreign currency.
Bank Selling	The rate at which a currency is sold.
Start Date	The date on which an exchange rate was first recorded for the currency.
Last Modified	The date that changes were last made to an individual record.
Discontinue from this date	This button is used to discontinue using the specified rate from the Active On date.
Reset	This will reset any changes made to a line.

Edit Exchange Rate dialog

Fields	Description
Change Currency Symbol option	If the amounts were populated correctly, but the currency symbol needs to be changed, this option will allow the document to retain the same number value and just set the correct exchange rate.
Convert Amount option	If the amount needs to be converted to a foreign currency, this option will update the value, the currency, and set the correct exchange rate.
Currency Code	Three-letter alphabetic codes that represent the various currencies.
Exchange Rate	The rate at which one currency can be exchanged for another.
Tax Rate	The percentage at which an individual or corporation is taxed. It varies from country to country, but in many instances, foreign currency transactions are not taxed.
Bank Charges	By default, this is ignored and the agency will absorb the costs. Should the costs of exchange be included, the options are to split the costs for all lines or add the cost to the exchange rate. In both cases, the bank charges should be known and the value thereof entered in this dialog.

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