Manage Currency Codes and FX Rates

Currency codes and FX rates load into Maxio Core daily from Open Exchange Rates. You cannot choose a different rate source, but you can enter your own rate for a specific date or a date range. To see the current codes, go to Admin > Multicurrency - Currency Codes.

Rates are fetched at 06:00 UTC, and each run retrieves the previous day's rate. So a transaction created today uses the rate Open Exchange Rates published for yesterday. Each run also re-checks the previous 30 days and fills in any date it does not already have, so a missed day recovers on its own.

For a transaction dated in the past, Maxio Core uses the most recent rate on or before that date, the rate stored for that day when there is one, and the closest earlier rate when there is not.

Rates are applied to six decimal places, which is what QuickBooks supports.

FX rate schedule

Go to Admin > Multicurrency - Currency Rate Schedules, or click FX Rate Schedules on the Currency Codes page. The schedule shows one row per date for the currency, year, and month you select:

• Spot FX Rate is the rate loaded from Open Exchange Rates for that date. It cannot be removed, but a Modified FX Rate takes precedence over it.
• Monthly Average FX Rate is the running average of the spot rates across the month.
• Modified FX Rate is a rate you entered yourself, and is empty unless you have set one.

Show Only Modified FX Rates filters the list to dates you have overridden, Add Comparison Rate puts a second currency's rates alongside the first, and Download exports the schedule.

A Modified FX Rate is sometimes necessary, for a single date or for a range. When you create a transaction whose FX Date falls in a range that has a Modified FX Rate, that rate is used automatically. Note that it is the FX Date that decides this, not the transaction's start date.

Enter a modified FX rate

A Modified FX Rate applies to every transaction created with an FX Date in the range you set. It is separate from the single-use rate you can set on one transaction.

To enter a Modified FX Rate

1. Go to Admin > Multicurrency - Currency Rate Schedules.
2. Click Modify.
3. Select the Local currency. Each currency is modified on its own; there is no bulk edit for FX rates.
4. Enter a Start date and End date. Both are included in the range, and the end date must be less than a year after the start date.
5. Enter the Rate, which must be greater than zero. Local currency multiplied by this rate gives home currency.
6. Click Save.

To clear a Modified FX Rate, set the same date range and leave Rate blank. The Spot rates for those dates take effect again.

Related information

To turn on multi-currency and see what it affects across your account, see Configure Multi-Currency.