Exchange Rate Setup (Video)

Purpose

The Exchange Rate Setup module is used to maintain updated foreign currency exchange rates in E-Retail. These exchange rates are critical for:

• Purchase Order Entry – Used as the default rate to convert foreign currency costs into SGD for system records.

• Online Sales (via E-Omni) – Sales from Shopify websites outside Singapore are recorded in SGD based on the exchange rates maintained here.

Keeping exchange rates updated ensures accurate cost records, correct margin calculations, and reliable financial reporting.

Prerequisites

Before maintaining exchange rates, the following setups must be completed:

1. Country Setup – Master Setup > Country Setup

2. Currency Setup – Master Setup > Currency Setup

These are required so that currencies can be selected in Exchange Rate Setup.

Steps

Step 1 – Add a New Exchange Rate

1. Go to Master Setup > Exchange Rate Setup.

2. Click Add.

3. In Unit Per Base Currency, click the 3-dotted button and select the foreign currency.

   • Example: 1 (SGD) = XXX (foreign currency).

4. In Base Currency Per Unit, the system will auto-calculate the reverse rate:

   • Example: 1 (foreign currency) = XXX (SGD).

5. Select the Effective Date from the date picker.

Step 2 – Save & Apply

1. Click Save to activate the exchange rate.

2. The rate will apply automatically in:

   • Purchase Orders – as the default conversion rate.

   • E-Omni Shopify Sales – converting foreign sales into SGD.

Step 3 – Manage Exchange Rates

• Multiple exchange rates can be created with different future Effective Dates.

• Use Export to download exchange rate records for reference or auditing.

Notes / Tips

• Perform Country Setup and Currency Setup before Exchange Rate Setup.

• It is recommended to update exchange rates on a set frequency (daily, weekly, or monthly) to ensure accuracy in cost and sales records.

• The latest effective rate will always be applied by default in Purchase Order Entry and online sales.

• Historical data is not affected by new exchange rate updates or backdated changes. Only new transactions from the effective date will use the updated rate.

• Double-check the conversion direction (SGD to foreign vs foreign to SGD) when inputting rates.

• Use Export for reconciliation or to share updated rates with the finance team.