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title: "Currency Exchange Rates"
canonical: "https://kb.myframeworks.com.au/space/PROSTIXV48DOC/31101481/Currency%20Exchange%20Rates"
format: markdown
---
Goal: This option allows you to setup currency exchange rates for different periods of time. Steps: In order to set currency exchange rates, ProStix requires a base currency to be defined for the company. From the ' Main Menu ' select options - ' System Administration ' - ' System Set-up ' - ' Define Companies ' -  Accounts Payable screen . Then from the ' Main Menu ' select options - ' Purchasing & Receipting ' - ' Import Purchasing ' - ' Currency Exchange Rates' . A blank  Local Currency  is allowed since there will be ProStix customers that will not use multiple currencies. A blank is allowed if there are no currencies defined otherwise a warning message is displayed stating that a currency should be defined since currencies have been defined within ProStix. NOTE : All values stored within the ProStix database are stored in the local currency amount. These values can be converted to the foreign currency by using the currency and exchange rate stored against the transaction. For example, you enter a purchase order in US dollars and the local currency defined is Australian dollars. The amounts entered in USD on the purchase order are stored within the database fields at the local currency amount using the exchange rate. The exchange rate defined against the purchase order header at the time of order entry is used to convert the amounts back to the foreign currency when required. Once the local (base) currency and other foreign currencies have been defined, an exchange rate needs to be set up between the local and foreign currencies so that amounts can be calculated using the specified conversion factor for that date. After entering the local and exchange currency, the list of all the exchange rates between these two currencies are displayed in descending start date order (the latest exchange rate date is displayed first while the oldest is displayed last). Exchange rate records can be edited using the standard <F5> Delete, <F6> Add and <F7> Change facilities. Note: any deletion will require a secondary <F5> to confirm deletion or any other key to cancel deletion.  Upon adding exchange rate records, the date range specified must not overlap any existing date range or else an error message regarding overlapping date ranges will be displayed and you will be unable to proceed. The currency exchange rate values can be any value other than zero. If a zero value is entered, an error message stating that a zero value exchange rate is not allowed. Note that deletion of exchange rate records can only be done on exchange rates that have a future date range. They cannot be done on a date range that may currently be in use. Review:   You can now: Define foreign currency exchange rates.