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How to create currencies and change their related exchange rate?
How to create currencies and change their related exchange rate?

Understand how to create currencies and update their related exchange rate via archiving

Claudette Albers-Reid avatar
Written by Claudette Albers-Reid
Updated over a week ago

Create a currency

Go to the Settings (gear icon) and choose from the menu Currencies:

Go to Settings (gear icon) and click Currencies

In the Currencies page, you will see the base currency of your organization:

PSOhub will automatically create this currency based on the selection you made when you created your organization.

To add a currency simply click Add currency and the following dialog box appears:

The Currencies dialog box to add your new currency

In the Currency field, begin to type the first few letters of the desired currency or scroll through the drop-down list. Next, enter the Exchange rate for the currency and click Save.
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The new currency will appear in the Currencies list:

Change the rate of a currency

To change the exchange rate, you will first need to archive the currency with the current rate and then recreate the currency with the new rate.

Note: The new currency rate will not be applied retroactively to ongoing projects, only to new ones. The archived rate will still be leveraged for already existing projects.

How to archive a currency

Select the desired currency from the Currencies list:

In the Edit currency dialog box, click the Archive button:

The following Confirmation dialog box will appear. Click Proceed. As the message states: The archived rate will remain and still be leveraged for already existing projects. You can add a new exchange rate for this currency which will be leveraged for all new projects.

In the Currencies list, you will see a switch where you can view all archived currencies. Click on the switch:

Here, you will see all archived currencies. Click on the switch to return to the main currency list:

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