Sometimes, an organization may want to manually set exchange rates for different currencies and expect those rates to be used while handling expenses and advances.
The Currency Exchange Rates feature in the organization settings page can be used to manually set exchange rates for different conversions between currencies.
How to enable it?
Under the Expenses tab in the navigation bar of the organization settings page, select Exchange Rates.
Click on the Enable button to enable exchange rates for your organization.
How to add an exchange rate?
Once you have enabled the feature, you will be able to define your own exchange rates for converting different foreign currencies to your organization’s home currency.
Click on the Add Custom Exchange Rate button.
A modal opens up where you can manually set the exchange rate for converting a foreign currency (known as original currency in Fyle terminology) to your home currency. You can also select the time period for which this exchange rate will be valid.
Fill in all the fields and click on the Add Exchange Rate button to save it.
As per the above example, for any expense or advance created between Jan 8, 2021, and Feb 8, 2021, where the original currency is USD, the exchange rate will be taken as 73.18 by default.
Whenever an exchange rate is manually set for a particular time period, it will be used by default while handling all the expenses and advances for that time period. If no manually set exchange rate is available, then the actual exchange rate for that particular day will be taken automatically.
You can enable or disable any manually set exchange rate in the Currency Exchange Rates page using the toggle given.
(Note:- Whenever an exchange rate between two currencies is enabled, another exchange rate for the same currencies and the same time period cannot be configured.)