How to update exchange rate
Automatic exchange rate update
All foreign exchange rates are updated automatically if the automatic update is used. Activation of the automatic exchange rate update is done by PlanMill.
Exchange rates are updated once a day based on the European Central Bank (ECB) exchange rate. The new rate is the closing rate of the previous working day.
Note: You can not use automatic rating if:
- Euro is not your company’s accounting currency
- Euro is not the default currency in your PlanMill instance
- Your company has several subsidiaries with different accounting currencies.
Manual exchange rate update
The Power user with access rights to Currencies enters the new exchange rate. After the change the Power user needs to run the two jobs in Administration > Jobs
- Custom, Update currency input values
- Billing rules, normal
When you update the exchange rates, set first day of the month as the date of the rate.
Do not create invoices for a period before you have added the rate for that period. You can only have one exchange rate per invoicing period.