- Updated On 23 Feb 2021
- 1 Minute To Read
Currencies are set to express monetary values in Mambu. You can define deposit products in multiple currencies and perform transactions in those currencies. In order to support deposit products in different currencies, first you must add all the currencies and set their respective exchange rates.
How to add a new currency
During the onboarding process we will set up a default currency for you. If you need more currencies then you must add them. In order to add a currency:
- On the main menu, go to Administration > General Setup > Currency.
- Under Currencies In Use, select Add Currency.
- In the Add Currency dialog, use the Preset dropdown to select the currency you would like to add.
- Select Save Changes.
How to set up an exchange rate
The exchange rate tells you how much a currency is worth in the base currency.
For each new currency that you add, you should also set up its exchange rate. To do that:
- On the main menu, go to Administration > General setup > Currency.
- Under Exchange Rates, find the currency you're interested in and, on the right-hand side of the row, select Actions > Set rate.
- Set the Buy Rate and the Sell Rate from the new currency to the base currency.
- Select Save changes.
How to set up the accounting rate
Accounting rates are explained in more detail on a separate page. Please see the Accounting Setup article.
* If you don't already have an account you will be prompted to create one when you first visit the site.