Exchange Rates
Enter the exchange rates your organization uses so bank lines in another currency are booked in your ledger currency at the rate in effect on their date.
Your ledger keeps one currency: the currency your organization works in. When a bank line arrives in another currency (for example a EUR transfer into a USD organization), Muin books it in your ledger currency using a rate you enter here.
Where to find it
Go to Settings → Organization → Exchange Rates. You need access to Finance to see the page, and permission to create finance records to add a rate.
Adding a rate
In the Add a rate section:
- Choose the From currency (it starts as your ledger currency) and the To currency, as 3-letter codes such as EUR
- Enter the rate: how many units of the To currency one unit of the From currency buys. Up to 8 decimal places
- Enter the effective date: the rate applies to bank lines dated on or after this day, until a newer rate takes over
- Click Save rate. The new rate appears in the list
A rate in either direction works. A USD to EUR rate of 0.8 and a EUR to USD rate of 1.25 book the same EUR line the same way.
How a foreign-currency bank line is booked
When you categorize a bank line in another currency, Muin:
- Finds the latest rate for that currency pair with an effective date on or before the line’s date
- Converts the amount into your ledger currency and rounds it to that currency’s smallest unit
- Books the journal entry in your ledger currency, and keeps the original currency, original amount and the rate used on the entry
If no rate is on file for that date, the line is not categorized and nothing is posted. The message names the currency pair and the date, and points to this page. Add the rate, then categorize the line again.
Payouts in another currency
Muin does not book a processor payout (for example a Stripe payout) in a currency other than your ledger currency. It shows a message naming both currencies and posts nothing. Record those payouts by hand.
Tax Season Prep
Tax Season Prep also asks for rates when rows in another currency need checking against US dollar limits. A rate you enter there is used for booking too.