Currency Exchange in ERPNext
The Currency Exchange form in ERPNext is used to store manually defined exchange rates between currencies. These rates can be used instead of automatically fetched market rates when required.
By default, ERPNext fetches real-time exchange rates automatically, but Currency Exchange allows you to override them with fixed rates for controlled accounting.
To access Currency Exchange list:
Home > Accounting > Multi Currency > Currency Exchange
1. Overview
Currency Exchange records allow organizations to define custom exchange rates that remain valid from a specific date onward. These rates take priority over system-fetched rates when configured correctly.
To use manually defined exchange rates, you must enable “Allow Stale Exchange Rates” in Accounts Settings.
2. How to Create a Currency Exchange
Follow these steps to define a custom exchange rate:
- Go to the Currency Exchange list and click New.
- Set the From Date from which this rate becomes effective.
- Select From Currency and To Currency.
- Enter the Exchange Rate (Example: 1 USD = 83.51 INR).
- Define whether the rate applies to Selling, Buying, or Both.
- Save the record.
Newer exchange rate entries automatically override older ones based on the transaction date.
3. Key Behavior
- Exchange rates are applied based on the most recent valid entry.
- Rates can be differentiated for buying and selling transactions.
- Useful for companies working with fixed internal accounting rates.
4. Important Note
If “Allow Stale Exchange Rates” is not enabled, ERPNext will ignore manually entered rates and continue using automatically fetched market rates.
