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Currency Management

This guide explains how to view and manage exchange rates in Fiskl. Use Currency Management to override system rates for specific dates or periods, giving you consistent currency conversion across transactions and reports. All exchange rates are calculated relative to your account's base currency.

Access Currency Management​

Go to Settings > Currency Management.

What you can see​

The Currency Management screen shows all currencies active in your account. Use the Date selector to view rates for a specific date, and Filter Currencies to narrow the list.

The rate table shows the following columns for each currency (the examples below use USD as the base currency):

  • Currency — currency code and name
  • 1 Base to Currency — how many units of that currency equal one unit of your base currency (e.g. 1 USD = 0.921 EUR)
  • 1 Currency to Base — how many base currency units equal one unit of that currency (e.g. 1 EUR = 1.086 USD)
  • System Rate — the rate Fiskl applies automatically
  • Status — shows System when the system rate is active, or Custom when you have set a manual override
  • Actions — select the edit icon to add or update a custom rate

Add a custom rate​

Custom rates override the system rate for a specific date or date range. Use them when a contract, hedge agreement, or group policy requires a fixed rate.

  1. Go to Settings > Currency Management
  2. Select + Add Custom Rate
  3. Select the currency from the Currency dropdown
  4. Set the Effective Period — defaults to today's date. To apply the rate across multiple days, select the date field and set a start and end date
  5. Enter the exchange rate in the Exchange Rate field as the number of foreign currency units equal to one unit of your base currency (e.g. 1 USD = 0.921 EUR)
  6. Select Save

The Status column for that currency updates to Custom.

Edit a custom rate​

  1. Go to Settings > Currency Management
  2. Select the edit icon in the Actions column for the currency you want to update
  3. Update the Effective Period or Exchange Rate as needed
  4. Select Save

Remove a custom rate​

  1. Go to Settings > Currency Management
  2. Select the edit icon in the Actions column for the currency
  3. Select the × next to the date in the Effective Period field
  4. Select Clear selection from the calendar pop-up
  5. Select Save

The Status column reverts to System.

tip

Review your custom rates at the start of each reporting period to confirm they still reflect your business requirements.

When to use custom rates​

Long-term projects with fixed budgets

Currency fluctuations can distort budget-to-actual comparisons on long-term international projects. Setting a consistent rate for the project period keeps reporting focused on operational performance rather than market movements.

Hedge rate application

If your business uses forward contracts or other hedging instruments, you can apply the secured rate to future transactions. This aligns your accounting records with your financial risk management position.

Fixed-rate contracts

Some contracts specify a fixed exchange rate for the duration of the agreement. Entering that rate in Currency Management ensures your invoices and reports reflect the agreed terms.

Group accounting policies

Corporate groups often require a standard monthly or quarterly rate for all intercompany transactions. Setting that rate here applies it consistently across your account.