In this lesson, you will learn how to add currency exchange rates in Parsimony.com. This feature is part of the multi-currency functionality, which enables businesses to track transactions in multiple currencies.
To add currency exchange rates, you will need to go to the “Multi-Currency” section in the settings menu. Here, you can select the currencies that you want to add exchange rates for.
Once you have selected the currencies, you will need to enter the exchange rates for each currency pair. This can be done manually by entering the exchange rate or by importing exchange rates from a file.
After you have entered the exchange rates, you can save them and they will be used to convert transactions between the currencies. This feature is especially useful for businesses that have customers or suppliers in different countries or that operate in different currency zones. It allows them to accurately track and report on their financial transactions in their preferred currency.