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Configure currency conversion settings

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Configure currency conversion settings

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Users of the root org unit can configure exchange rate settings to be used for currency conversion. Exchange rate settings configured for the root org will be automatically inherited by the child orgs. Any further updates made to exchange rate settings at the child org level will be persisted on the child orgs only. 

Setup functional currencies and currency conversion for currencies defined during Org creation

To enable foreign currency conversion, you must first configure your functional currency and specify if you want to use the default exchange rate provider or upload custom exchange rates. See Manage Currency Conversion to learn more. 

To manage currency conversion for an organizational unit 

  1. Click your username at the top right and navigate to Finance Settings > Manage Currency Conversion.
  2. Follow the steps mentioned in Configure Foreign Currency Conversion 

 Currency Conversion Settings Best Practices Edit section

  • Currency Conversion Settings for the Parent Org Unit or the root organization should be configured and saved before setting up the same for any child Org Unit.
  • Setting up Currency Conversion for the Child Org Unit(s) before the Parent Org Unit will result in an error.
  • Using the Org switcher or the Company field in the Manage currency Conversion screen, Finance Admins can switch to the appropriate Child Org Unit, to make changes and save currency conversion settings for the specific Child Org Unit. The changes will only apply to the Child Org Unit that was selected from the Org Switcher.
  • The Reporting Currency and the Functional, also known as the Home Currency, are configured while setting up the tenant and Org Units in the Org Hierarchy Management respectively, and cannot be updated from the Manage Currency Conversion Settings page
  • The remaining settings such as the exchange rate provider, exchange rate date, and rounding mode can be set for the Parent Org Unit, and will automatically be inherited by the Child Org Units

Points to remember for currency conversion in Multi-Org setup Edit section

  • Reports such as invoice records, journal runs, and trial balance runs will display the amounts in both reporting currency and functional currency.