Adding Exchange Rates

In Stison, there are a number of places where exchange rates are applied. Be that on upload of sales data in a 'foreign' currency, or filling in details about your production costs. 

Whilst Stison, by default, uses the exchange rate based on your default currency, we also give you the ability to set the exchange rates to be used throughout your system. You may wish to do this, for example, if you are using our Royalties module, and have a set of exchange rates that you would like to be applied. These can be updated as regularly as you wish.

 

Creating Exchange Rates

Navigate to General > Exchange Rate and you will see the following screen. 

This is where all of your created exchange rates will be stored. 

In order to create a new exchange rate, press the blue "Create New" button at the top of the screen. You will then be taken to this screen:

The organisation field will be aut-filled with the organisation that your user account is associated with.

Enter the relevant currency code and the current exchange rate for that currency code to your organisation's default currency will populate the next field. 

Type the new conversion rate into the "exchange rate" field. Once you press "Create" the exchange rate will be added to the main list. This is now a fixed rate that will be applied to the system until it is changed. 

Important note: This new exchange rate will not apply to the data that is currently in your system. It will only apply to the data that you upload after creating the exchange rate.  

Updating Exchange Rates 

Once you have created your exchange rate, you are able to go back into the record and update it whenever needed. Simply type the new exchange rate into the relevant field and press "Update". 

The system will keep a record of all previous versions of this exchange rate in an archive on the right hand side of the screen. This allows you to keep track of all the changes made to an exchange rate over time. 

If you edit the exchange rate for a currency in any other part of the system, such as the Costs tab within Production, for example, it will not update the number that has been logged in the "Exchange Rates" menu.