Effectively managing exchange rates is crucial for maintaining accurate financial records when dealing with multiple currencies. You can either choose live exchange rates or manually set custom exchange rates based on your preferences.
How to Set Exchange Rates
Step 1: On the menu pane on the left, click on Settings
->Currency
.
Step 2: On the Currency table, find the currency for which you want to set the exchange rate.
Step 3: On the rightmost corner of the currency row, click the Exchange Rate Settings icon.
Step 4: Choose Exchange Rate Type
- Live Exchange Rate: This option automatically updates the rate based on real-time data from Open Exchange Rates (Link).
- Custom Exchange Rate: Manually input the exchange rate for a specific time period.
Step 5: Save Settings
Once you’ve made your selection, click Save to apply the exchange rate settings.
Now that you've set up your exchange rates, you may also want to set custom exchange rates for specific periods. Learn how to configure custom exchange rates and view exchange rate logs in the next section.