Add Exchange Rates and Post in Foreign Currency
Veona keeps its books in one base currency but lets you transact in others. An exchange rate is the ratio that converts a foreign amount into base currency, and the posting engine uses it to store a base value on every ledger line — so your statements always read in one currency, no matter how many you trade in. This page shows how to add a rate and post a foreign-currency entry.
Who / when: the Accountant and the Finance Manager maintain exchange rates and post foreign entries; the Auditor reads them. You add a rate whenever you start transacting in a new currency, or when the rate moves.
We will follow Tunde the finance officer, recording a payment in US dollars.
A few terms first
Section titled “A few terms first”- Base currency — the single currency your statements report in, set in Finance Settings.
- Exchange rate — a dated ratio, read as 1 from-currency = rate × to-currency (for example 1 USD = 1600 NGN).
- Valid from — the date a rate takes effect; the engine uses the latest rate on or before a posting’s date.
Add an exchange rate
Section titled “Add an exchange rate”-
Accountant — open Finance & Ledger → Exchange Rates. Veona lists the rates on file, each as From → To, the rate, and the valid-from date.
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Accountant — press Add Rate and fill in:
- From Currency and To Currency — three-letter codes that must differ (for example USD → NGN).
- Rate — a positive number: how many of the to currency one from unit buys (for example
1600). - Valid From — the date the rate takes effect.
Press Save Rate. The posting engine will now resolve this rate for any posting dated on or after the valid-from date.
Post a foreign-currency journal
Section titled “Post a foreign-currency journal”-
Accountant — open Finance & Ledger → New Journal Entry, and in the Header set the Currency to the foreign currency (the dropdown offers your base currency plus any currency you hold a rate for).
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Accountant — build the lines and amounts in that foreign currency, exactly as you would in base — they must balance in the transaction currency. Submit the entry as usual (see Post a Manual Journal Entry).
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Accountant — when you submit, the engine looks up the latest rate on or before the posting date and stores both the transaction-currency and the converted base value on every line. The General Ledger and all statements then read in base currency automatically.
What happens next
Section titled “What happens next”Posting in foreign currency creates open foreign balances (receivables and payables). At period-end you restate those at the closing rate — that is the FX Revaluation, the next guide.