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How does multiple-currencies work?
https://www.splasm.com/forum/viewtopic.php?f=3&t=6698
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Author:  jakoeshall [ Thu Jul 20, 2017 12:01 am ]
Post subject:  How does multiple-currencies work?

Hey… 

So, I know how to change the exchange rate "All Accounts" > "Edit All Accounts". But what actually happens when the exchange rate is changed? Does it affect all entries going forward? Does it matter when you change the exchange rate? Is there a white paper from Splasm explaining best practices for using exchange rates?

Cheers.

Author:  Allan W. [ Fri Jul 21, 2017 4:49 pm ]
Post subject:  Re: How does multiple-currencies work?

Setting a new exchange rate for a Currency can indeed affect entries going forward, at least in accounts that use the altered Currency when conversions need to take place. When transferring funds between accounts that use different currencies, you'll find you can still select a different exchange rate for the individual transaction on-the-fly, though—existing transfers even maintain the values they were exchanged as. All Accounts totals for Pro users also change because conversions to the Base Currency take place in the All Accounts area.

The Help documentation goes over how to create, edit, and remove currencies, but doesn't include an explanation of how exchange rates work, in general. The main thing to understand is where conversions need to take place. The exchange rate is just used in those conversions, which are mainly important within the application when transferring funds between accounts that use different currencies. Plus, there's the All Accounts totaling that takes place, as mentioned above.

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