Introduction
Welcome to the comprehensive guide on how to manage Exchange Rates in Empress. In this guide, we will explore the feature that allows you to fetch real-time exchange rates or save specific ones for future use. This feature is essential for businesses that operate internationally, enabling you to keep track of financial transactions across multiple currencies.
Introduction
In Empress, the Stale Exchange Rate feature allows you to save specific exchange rates, rather than always fetching the current rate. This can be particularly useful for businesses that want to freeze a favorable exchange rate for future use or need to preserve consistency in their financial records.
Making Your Exchange Rate Editable
If you’ve noticed that the Currency Exchange Rate field in your sales and purchase transactions is uneditable, this is due to the enabled Stale Exchange Rate feature. To make your Currency Exchange Rate field editable again, simply disable the Stale Exchange Rate feature. Here’s how:
- Navigate to the main menu and select Accounting.
- Under Accounting, select Accounting Masters.
- From the options listed under Accounting Masters, select Accounts Settings.
- Find the field labeled “Allow Stale Exchange Rates” and uncheck it.
- Click the Save Account Settings button to save your changes.
- Refresh your Empress account to make sure your changes have taken effect.
- Check your sales or purchase transaction. The Exchange Rate field should now be editable.
By following these steps, you can regain control over the exchange rates in your transactions and adjust them as per your business needs.
Conclusion
Understanding and utilizing the Stale Exchange Rate feature in Empress can greatly enhance your business’s financial operations, especially if you’re dealing with multiple currencies. The ability to fetch exchange rates in real-time or save a specific rate for future use gives you the flexibility and precision you need to manage your international transactions effectively.
Remember, Empress is designed to provide you with the tools and features you need to run your business smoothly and efficiently. If you need further assistance or have any questions about using Empress, please refer to our additional resources or reach out to our support team.