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The OrderStream application is fully multi-currency. In order to function properly, each currency must be setup and maintained on a regular basis.
Setup
New currency codes are added to the OrderStream application via the Lookups found within the profile bar.
NOTE:
Although the currency code is setup in the lookups, the actual rate used is found in the Financials module. The OrderStream application supports customers who have not purchased the Financials module. As such, these customers will specify their currency rates via the lookup whereas the Financials customers will use the Spot Rate within Financials.
Rate Types
Currently the Financials module only supports a rate type of “Spot”. The spot rate is stored in the database to allow users to view historical rates. The Spot rate is only used for multi currency companies. If using a single currency, it is not necessary or possible to setup a spot rate.
For multi currency companies, it will be necessary to record the current Spot rate. Also, when the rate changes, you will be required to create a new current Spot rate.
To setup a spot rate, from within OrderStream Financials:
| 1. | Click General Ledger and then Currency Rates. At this point you can review the historical spot rates in your database. |
| 2. | Click the Add button on the bottom left of the screen to add a new Spot rate (note that the rate will take effect immediately upon pressing save). |
| 3. | Specify the currency for the Spot rate |
| 4. | Specify the rate at which you buy and sell the currency |
| 5. | Press the save button. Upon pressing the save button, the rate is immediately committed to the database. Any new foreign currency transaction will use the new rate. |
 The example below shows a rate change on the same day from 1.2 to 1.1 on the buy rate and 1.5 to 1.1 on the sell rate
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