Introduction
The Currencies screen in ProdSys enables businesses to manage and track different currencies used in orders, article calculations, and product templates. Accurate currency management is critical for businesses dealing with international transactions, ensuring that all calculations are up to date with current exchange rates. This guide explains how to use the Currencies screen, including how to update exchange rates manually or automatically through an extension.
Purpose of the Currencies Screen
The main purpose of the Currencies screen is to ensure that the correct exchange rates are applied across orders, calculations, and product templates. When dealing with international transactions, maintaining updated currency rates ensures that the financial data and pricing reflect the current market values.
Accessing the Currencies Screen in ProdSys
To access the currency settings:
Login to ProdSys: Begin by logging into your ProdSys account with your credentials.
Navigate to Currencies: From the main menu, go to System > Settings > Currencies. Here, you will find a list of all currencies that are configured in the system, as shown in the image.
https://app.prodsys.com/#/settings/currencies
Key Features of the Currencies Page
Code: This column shows the currency code (ISO 4217 format) such as "EUR" for Euro or "USD" for US Dollars.
Symbol: Displays the symbol of the currency, such as "€" for Euro or "$" for US Dollars.
Exchange Rate: Shows the current exchange rate relative to the system’s default currency. For example, an exchange rate of "1.55966" for Danish Krone (DKK) means 1 DKK equals 1.55966 of the base currency.
External Code: An optional field that links the currency with external financial systems for seamless integration.
Default: This checkbox allows you to set the default currency for your system. This is particularly important for domestic transactions where the default currency is most commonly used.
Date Modified: Displays the last date and time the exchange rate was updated.
Automatic Currency Rate Updates
If you have enabled the Currency Exchange extension in ProdSys, the system will automatically update currency rates four times a day. These updates will be applied across all active orders, article calculations, and product templates, ensuring real-time currency accuracy for your transactions.
To enable automatic updates:
Ensure the Currency Extension is active: This can be done through the Extensions page.
Enable Auto-Update: Once the extension is enabled, exchange rates will automatically refresh, and you will see updated rates every six hours.
How to Manually Update Currency Rates
Click on "Update Exchange Rates": In the top left corner of the screen, there is an option to manually update exchange rates. This is useful if the automatic extension is not enabled or if you need to perform an immediate update.
Filter or Select Specific Currency Types: Use the filter options like All Currencies, Article Calculation, Product Templates, and Orders to choose where the updated exchange rates will apply.
Edit Individual Currency: To manually change the exchange rate for a specific currency, click the three dots next to the currency code and update the exchange rate directly in the dialog box.
Save Changes: After editing or updating, make sure to save the changes so that they are applied to all relevant areas in the system.
Setting a Default Currency
You can set a default currency for your business operations by checking the "Default" checkbox next to the preferred currency. This ensures that any new transactions automatically use the default currency unless specified otherwise.
Best Practices for Using the Currencies Feature
Enable Automatic Updates: If your business regularly deals with multiple currencies, enabling the automatic update feature will save time and ensure accuracy.
Regular Manual Checks: Even with automatic updates, it’s a good idea to occasionally check the exchange rates to ensure they align with the latest market values.
Use External Codes for Integration: If your financial system uses external software, ensure the External Code field is properly configured to avoid discrepancies in data exchange.
Conclusion
The Currencies screen in ProdSys is an essential tool for managing multi-currency transactions. By utilizing the automatic update feature and configuring the default and external codes correctly, businesses can ensure accurate currency conversions across orders, article calculations, and product templates. This helps maintain consistency in financial data and ensures smooth operations in a global market.