Currencies in Rise Accounting and Rise School Management

From Rise SA Wiki
Jump to navigation Jump to search


Here you will learn how to create currencies in the system. If you are not selling or buying internationally, the default currency of USD has been added for you and no changes will be necessary.

To use multiple currencies, go to Quick menu > Settings > General settings and select the Multi-currency check box.

You can add a currency from the Currencies classifier or manually.

Adding Currencies From Currencies Classifier

The Currencies classifier contains a predefined list of national currencies used across the world.

To add a currency from the Currencies classifier:

  1. Go to Lists & Settings.
  2. Select Currencies.
  3. Click Pick from the classifier...
  4. In the list, choose the required currency.
  5. Click Select.

The selected currency immediately appears in the currencies list.

Adding Currencies Manually

Manual creation of currencies is recommended if a currency is not included in the Currencies classifier. For instance, you might want to add a custom currency required for your company’s internal business needs.

To create a currency:

  1. Go to Lists & Settings.
  2. Select Currencies.

Select currencies.png

  1. Click Create.
  2. The system will ask you whether you want to pick a currency from the classifier or not. Click No.
  3. Add the Description, Symbol, Numeric code, and Alphabetic code.
    • Currency Symbol is shown in business documents and reports.
    • Numeric code is a three-digit ID established by the International Organization for Standardization (ISO).
    • Alphabetic code is also established by ISO.
    • Set up and assign the Default A/R account and the Default A/P account.
  4. Make sure a Currency rate source is correctly specified according to your business needs:
  5. Input manually indicates that you can specify the currency exchange rate only manually.
  6. Depends on other currency rates indicates that the currency exchange rate is calculated by the formula. If you select this method, specify another currency. Then, in the Margin field, enter the percent.
  7. Is calculated by the formula indicates that the currency exchange rate is calculated by the specified formula. Select this method if the currency exchange rate depends on the exchange rates of several currencies. Then specify these currencies in the formula.
  8. Click Save and close.

Currency (create).png

Importing Exchange Rates

If your company uses multiple currencies to conduct its business, it will be a good idea to specify exchange rates. Note that exchange rates are always based on the presentation currency.

To import exchange rates from the website:

  1. Go to Lists & Settings > Currencies.
  2. Click Import exchange rates at the top.The only way to import exchange rates is to upload them from a CSV file.
  3. Choose a currency for which you import the exchange rate.
  4. Get the currency rates:
    • Open the Selected Historical Rates page on SA Reserve Bank website. You can access it right from Rise Accountinge.
    • Pick a currency you need from the list.
    • On the opened page, specify the Start and End date of the importing period.
    • Export the results as a CSV file by clicking download CSV.
  5. Upload your CSV file to the system:
    • Click three dots on the CSV file field.
    • Drag your file to the opened window or select it from disk. The tabular section will appear below, showing the exchange rates on the particular dates of the previously selected period.
    • Click Import.

To access the imported rates, go to Lists & Settings > Currencies > open your currency > Currency rates.