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If you work with multiple currencies, you can use Live Exchange Rates (online files only) or manually set the rate inside the currency list. These rates are used to calculate local currency values in foreign currency transactions, but you can also update or override a rate when recording a transaction.
Need help calculating a currency value or exchange rate? Try the Currency Calculator.
There's over 150 foreign currencies available in AccountRight, so you don't need to create any. And you only need to enter exchange rates for the ones you use. Here's how:
AccountRight Premier 2019.2 and later only
Live exchange rates only works with online files and will update every 5 minutes and are provided by Open Exchange Rates. Turning on live exchange rates will replace any exchange rates you've already set in the Currency List.
- Go to the Setup menu and choose Preferences. The Preferences window appears.
- Select Turn on Live Exchange Rates [System-wide].
- Click Got it to the confirmation message.
- Go to the Lists menu and choose Currencies. The Currency List window opens. Can't see the Currencies option? Make sure you've activated the multi-currency preference.
- Use the Search field to find a currency by code or name.
- Enter the currency’s Exchange Rate. The rate represents the foreign value for $1 of local currency, e.g. 1 AUD = entered exchange rate.
- Repeat to enter exchange rates for other currencies.
- When you're done, click OK.