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How to Create a New Currency

When a new Company is established within Accountability, its Company Home Currency is created. The Company currency is the default for all transactions for this Company, unless overridden.

1. Navigate to Setup Files > Currencies

2. Click New Currency button

3. Type in a Currency Code to signify the New Currency - in this example EUR.

4. Enter the New Currency e.g. Euro.

5. If the New Currency is denominated in decimals check the Decimals box, if not leave unchecked.

6. Enter the Exchange Rate to Home Currency signifying the value of the New Currency to one unit of the Company Home Currency

In this example the rate has been created at 0.854275000, meaning 1 Euro is equivalent to1.170583243 USD (Company Home Currency)

The system will automatically calculate the reverse exchange rate, being the reciprocal rate i.e. the equivalent rate for one unit of the New Currency relative to the Company Home Currency.

7. Check the Active box to signify that the rate is active.

8. Click Save