Currency Exchange Settings
Overview
Currency Exchange Settings – Business Overview
Currency Exchange Settings is used to define how foreign currency exchange rates are managed and applied across Dafater’s financial operations. It ensures that transactions involving multiple currencies are valued consistently, accurately, and in line with the company’s financial and reporting policies.
This document plays a critical role in maintaining financial accuracy when your business deals with international customers, suppliers, loans, or bank accounts.
Purpose in Business Operations
Currency Exchange Settings controls the rules that Dafater follows when:
- Converting amounts between different currencies
- Determining which exchange rate source or method to use
- Applying exchange rates consistently across accounting, billing, and payments
By centralizing these rules, the business avoids inconsistencies, manual corrections, and financial discrepancies caused by fluctuating exchange rates.
Prerequisites and Setup Requirements
Before using Currency Exchange Settings, the business should ensure:
- Company base currency is clearly defined
- All required foreign currencies are set up and approved for use
- Financial policies clarify how exchange differences should be handled
- Accounting teams agree on whether exchange rates are fixed, market-based, or periodically updated
This preparation ensures the settings align with the company’s financial governance and audit requirements.
Typical Workflow and Business Process Fit
Define Exchange Handling Rules
Finance teams configure how exchange rates should be selected and applied.Apply Across Transactions
Once set, these rules automatically influence invoices, payments, receipts, journal entries, and reports involving foreign currencies.Ongoing Monitoring
Finance teams periodically review Currency Exchange Settings to ensure they remain aligned with market conditions and internal policies.Financial Reporting
Accurate exchange handling ensures reliable profit, cost, and balance reporting across currencies.
This document operates in the background but directly impacts daily financial transactions and monthly reporting.
Key Business Scenarios Where It Is Essential
International Sales and Purchases
Ensures invoices and bills reflect correct converted values.Foreign Currency Bank Accounts
Helps manage deposits, withdrawals, and balances accurately.Cross-Border Payments
Prevents disputes or losses due to incorrect exchange calculations.Financial Reporting and Audits
Supports compliant and transparent multi-currency financial statements.Loan or Investment Transactions in Foreign Currency
Ensures fair valuation over time as exchange rates fluctuate.
Important Considerations for Users
- Exchange settings affect many financial records; changes should be made carefully
- Inconsistent or outdated rules can lead to incorrect profits or losses
- Finance teams should regularly review settings, especially during volatile currency periods
- Clear ownership and approval processes help prevent accidental misconfiguration
Summary
Currency Exchange Settings provides the foundation for accurate, consistent, and compliant multi-currency financial management in Dafater. While it may not be used daily, its impact is felt across all international financial activities, making it essential for businesses operating beyond a single currency.
Basic Information
- Module: Accounts
- Document Type: Other
- Type: Single (Configuration)
Fields
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| disabled | Disabled | Check | - | Disable this currency exchange configuration in Dafater. | |
| service_provider | Service Provider | Select | ✓ | frankfurter.app, exchangerate.host, Custom | Select external service provider for currency rates in Dafater. |
| api_endpoint | API Endpoint | Data | ✓ | - | Define API endpoint used by Dafater to fetch exchange rates. |
| use_http | Use HTTP Protocol | Check | - | Allow Dafater to use HTTP instead of HTTPS protocol. | |
| access_key | Access Key | Data | - | API access key required by Dafater for authentication. | |
| url | Example URL | Data | - | Sample API request URL for reference and testing in Dafater. | |
| help | Help | HTML | Currency Exchange Settings Help,Th... |
Guidance on configuring dynamic API variables for Dafater currency exchange. | |
| req_params | Parameters | Table | ✓ | Currency Exchange Settings Details | Define request parameters sent by Dafater to the exchange API. |
| result_key | Result Key | Table | ✓ | Currency Exchange Settings Result | Map API response keys used by Dafater to read rates. |
Child Tables
Parameters (Currency Exchange Settings Details)
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| key | Key | Data | ✓ | - | Configuration identifier for currency exchange setting |
| value | Value | Data | ✓ | - | Configured value applied to currency exchange processing |
Result Key (Currency Exchange Settings Result)
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| key | Key | Data | ✓ | - | Unique identifier for Dafater currency exchange setting result |
Permissions
| Role | Read | Write | Create | Delete | Submit | Cancel |
|---|---|---|---|---|---|---|
| Accounts User | ✓ | ✓ | ✓ | ✓ | ||
| System Manager | ✓ | ✓ | ✓ | ✓ | ||
| Accounts Manager | ✓ | ✓ | ✓ | ✓ |