CURRENCY & FX
Configure the foreign currencies and exchange rates MoniTrak uses when amounts need to be converted into your base currency.
4 min readBEFORE YOU START
Exchange rates are configured against your base currency and can have an effective date so MoniTrak knows when each rate should apply.
Your current base currency
The foreign currency you want to add
The exchange rate you want MoniTrak to use
The date from which the rate should apply
STEP BY STEP
Open Settings, choose Currency & FX and find Exchange Rates. This area contains the foreign currencies MoniTrak can convert into your base currency.
Choose the foreign currency you want to use in MoniTrak. Each configured currency receives its own rate against your current base currency.
Only add currencies that are relevant to your accounts or financial activity. You can add more later.
MoniTrak expresses configured rates as one unit of the foreign currency converted into your base currency. Keeping one rate direction makes exchange-rate settings easier to understand.
With AED as the base currency, a USD rate is entered as 1 USD = X AED rather than mixing direct and inverse rate formats.
Give the rate an effective date. MoniTrak can use that date to determine which configured rate should be suggested for foreign-currency activity.
When an exchange rate changes, add or update the configured rate for future use. Transactions that were already saved keep the rate and base-currency value recorded with them.
A new default rate can affect future conversions and current foreign-account valuations without changing the historical conversion stored on an existing transaction.
THE RESULT
Exchange-rate settings give MoniTrak a consistent way to convert foreign currencies while keeping previously recorded transaction values stable.
NEED MORE HELP?
Visit the Help Center or get in touch if you can't find what you need.