Exchange Rates

What exchange rates do

Your base currency is the currency of your default accounting entity (GBP unless you changed it). When you raise an invoice in another currency:

1. Plenix looks up the latest rate dated on or before that moment.
2. The rate is saved on the invoice.
3. The ledger posts the invoice in your base currency using that rate.

Later rate changes don't alter invoices already raised. If there is no rate on file, the invoice posts at 1:1. Add rates before invoicing in a foreign currency.

Add a rate

Admins can add and delete rates.

1. Go to Accounting → Exchange Rates and click Add Rate.
2. Choose the From and To currencies.
3. Enter the Rate: how many units of the To currency buy one unit of the From currency. The form shows the inverse as you type, so you can check it.
4. Set Effective from. It defaults to now and cannot be in the future.
5. Click Save rate.

You only need one direction per pair. A GBP → USD rate also converts USD invoices into GBP, using the inverted rate. Only one rate can exist per pair for the same moment in time.

Read the screen

• One card per currency shows today's rate into your base currency, or No rate if there isn't one yet.
  • Click a card that has a rate to filter the history to that currency.
  • Click a No rate card to add one.
• Rate history lists every rate, newest first, with its inverse.
  • Delete a wrong rate from its row.
  • Deleting a rate doesn't change invoices already raised with it.

Where to go next

• Create an Invoice
• Multi-Entity & Consolidation