System Data Currency Conversions
Table Of Contents
Currency Conversions
Introduction
The Currency Conversions screen stores the exchange rates used throughout Khaos Control when converting between currencies.
Exchange rates are typically configured from Pound Sterling to all other currencies used by your business. Khaos Control automatically calculates the reverse conversion, so you do not need to enter rates in both directions.
Keeping exchange rates up to date helps ensure that foreign currency transactions, stock valuations, purchasing and customs calculations are processed accurately.
Example Exchange Rates
The example below shows how exchange rates can be maintained over time.
| From | To | Factor | Valid Until |
|---|---|---|---|
| Pound Sterling | Euro | 1.5224 | 28/02/2015 |
| Pound Sterling | US Dollar | 1.9712 | 28/02/2015 |
| Pound Sterling | Euro | 1.4940 | 31/03/2015 |
| Pound Sterling | US Dollar | 1.9610 | 31/03/2015 |
| Pound Sterling | Euro | 1.4729 | 30/04/2015 |
| Pound Sterling | US Dollar | 1.9596 | 30/04/2015 |
| Pound Sterling | Euro | 1.4765 | 31/05/2015 |
| Pound Sterling | US Dollar | 2.0056 | 31/05/2015 |
NoteRelevant exchange rates used for customs and VAT calculations are normally published on a regular basis by government authorities. You should ensure your exchange rates are reviewed and updated in line with your business requirements and any applicable customs regulations.
Currency Conversions Grid
The Currency Conversions grid contains the following fields.
From
The currency being converted from.
In most cases this will be Pound Sterling.
To
The currency being converted to.
Examples include:
- Euro
- US Dollar
- Australian Dollar
- Canadian Dollar
Factor
The exchange rate used for the conversion.
Valid Until
The expiry date for the exchange rate.
Khaos Control uses this date to determine which conversion factor applies at a particular time.
NoteIf you enter a new exchange rate with a validity period that overlaps an existing rate, the affected row will be highlighted in red to indicate a conflict.
This can occur, for example, when posting a purchase invoice for a supplier trading in a foreign currency and a new exchange rate is added.
Result
Displays the calculated result of the exchange rate conversion.
Context Menu Options
Get Live Exchange Rates
When the screen is in Edit mode, this option retrieves the latest available exchange rates and updates the conversion table automatically.
Khaos Control obtains this information from multiple data sources to provide accurate and stable exchange rate values.
Apply Value Range
Allows you to apply the same value to all selected rows within the active column.
Clear Selection
Removes the current selection from the grid.
Incompatible Conversion Rates
To maintain accurate currency conversions, Khaos Control prevents incompatible exchange rates from being saved.
The following situations are not permitted:
Duplicate Rates with Matching Expiry Dates
You cannot create multiple exchange rates for the same currency pair with identical expiry dates.
Example:
- Pound Sterling → Euro, valid until 09/07/2011
- Pound Sterling → Euro, valid until 09/07/2011
Conflicting Reciprocal Rates
Exchange rates must remain mathematically consistent in both directions.
Example:
- Pound Sterling → Chinese Yuan
- Chinese Yuan → Pound Sterling
If the entered values do not correctly reflect each other, the rates will be considered incompatible.
Converting a Currency to Itself
You cannot create a conversion where the From and To currencies are the same and the conversion factor is greater than 1.
Example:
- Pound Sterling → Pound Sterling
Validation and Errors
If an incompatible exchange rate is entered:
- The row will be highlighted in colour within the grid.
- The colour indicates that an error exists.
- Khaos Control will prevent the record from being saved until the issue has been corrected.
This validation helps maintain accurate exchange rate calculations throughout the system.
Tips
- Regularly review exchange rates for currencies you actively trade in.
- Use Get Live Exchange Rates where available to help keep rates current.
- Avoid overlapping validity periods for the same currency pairing.
- Ensure historical exchange rates remain in place if they are required for audit or reporting purposes.
Additional Information
Currency conversion rates are used in many areas of Khaos Control, including purchasing, sales, stock valuation and financial processing. Maintaining accurate and up-to-date exchange rates helps ensure the correct values are used when processing foreign currency transactions and producing financial reports.