TRAVERSE Global v11.1

Exchange Rates

Use the Exchange Rates function to set up currency exchange rates. This function is available via an Exchange Rate button on the toolbar if you use multicurrency with this company.

Since currency exchange rates can change daily, TRAVERSE lets you record both daily and periodic rates.

  • Daily rates are used to convert invoice and payment values in transactions as you enter them; when you enter an invoice or payment, the system automatically converts that value to your company's base currency using the most current daily exchange rate.
  • Periodic rates are used to convert account balances for financial statements and the like. These rates represent the average exchange rate for a given period. When you view account balances and print statements, the system converts those balances to your company's base currency using the periodic rate from the period you specify.

Currency exchange rates change regularly. Whenever an exchange rate that you are using changes, you must set up the new exchange rate. Currency exchange rates are stored in transactions and cash receipts when they are saved. Changing the exchange rate or adding a new one does not change the rate already saved in transactions, cash receipts, or history files.

ClosedCreating Daily Rates
  1. Click the Daily Rates tab.
  2. Click the New button, on the toolbar, to open a blank exchange rate record.

  3. Select the date for which the exchange rate should become effective from the Effective Date From field.
    Note: Use the Copy From field to select an exchange rate date from which to copy exchange rate information.

  4. Enter, if applicable, any additional information about the exchange rate in the Notes section.
  5. Edit the exchange rates as needed.
  6. Click the Save button, on the toolbar, to save the currency exchange rate.
ClosedCreating Period Rates
  1. Click the Period Rates tab.
  2. Click the New button, on the toolbar, to open the Add New Period Rates prompt.
  3. Enter the fiscal year and period for which the exchange rate should become effective in the Fiscal Year and Fiscal Period field.
    Note: Use the Copy From field to select a fiscal year and period from which to copy exchange rate information.
  4. Click OK.
  5. Enter, if applicable, any additional information about the exchange rate in the Notes section.
  6. Edit the exchange rates as needed.
  7. Click the Save button, on the toolbar, to save the currency exchange rate.
ClosedEditing an Exchange Rate
  1. Select an exchange rate to edit from either the Daily Rates or Period Rates tabs.
  2. Edit the fields as necessary.
  3. Click the Save button, on the toolbar, to save any changes made to the currency exchange rate.
ClosedDeleting an Exchange Rate
  1. Select an exchange rate to delete from either the Daily Rates or Period Rates tabs.
  2. Click the Delete button, on the toolbar, to delete the selected currency exchange rate.
  3. Click Yes at the "Are you sure you want to delete selected record(s)?" prompt.