Adjusting the Exchange Rate When Creating Documents in a Different Currency

When issuing a document in a foreign currency, the system automatically converts its value to your company’s currency using the exchange rate at the time of document creation, as accounting entries are always recorded in the base currency. However, this default rate may not match the actual rate at which the transaction was carried out. Therefore, Wafeq allows you to manually adjust the exchange rate during document creation to reflect accurate values that align with the actual amount collected or paid.
 

When Do You Need to Adjust the Exchange Rate?

This feature appears when:

• Creating an invoice, purchase invoice, expense, credit note, debit note, or any other transaction in the system using a currency different from the company’s base currency.

Example:

• Company’s base currency: Saudi Riyal (SAR)
• Document currency: UAE Dirham (AED)

The system will automatically display a default exchange rate pulled from an official or reliable source for currency rates, and this rate will be used as an initial reference for calculating the values. However, you can manually adjust the rate if the actual exchange rate differs.

 

Steps to Adjust the Exchange Rate

1. From the Document Creation Screen:
   • Select the currency and enter the values:
     At the beginning of document creation, you can select the currency in which the document will be issued (e.g., USD). When a currency different from the company’s base currency is selected, the prices and values for the items in the document will be entered in the chosen currency.
     You can then enter the unit price and quantity for each item as usual, and the total document amount will be automatically calculated in that currency. At the same time, the system will display the equivalent value in your company’s base currency at the bottom of the screen, based on the current exchange rate, allowing you to track both currency values while entering data.
     
     
     
      
2. If You Want to Manually Adjust the Exchange Rate:
   • Click the edit icon next to the displayed exchange rate.
     
   • Enter the new exchange rate based on the agreement or bank rate, and continue entering document details as usual.
     

Note:
It is recommended to use the actual exchange rate to avoid discrepancies in later reports.