How do exchange rates work?
For every currency you add in the preferences, Billings also displays the approximate exchange rate for the currency. The calculations rendered by Billings are based on this approximate rate only. In reality, banks could be offering a different exchange rate and hence there might be some variations. Exchange rates are necessary to do the following.
- All Clients.
Billings displays the details/balance information for different clients using different currencies. Exchange rates are important to calculate the balance for different clients and translate them into your base currency. This conversion is only approximate as the final calculation may very depending on the exchange rate used.
- All Slips.
Billings displays values in the "All Slips" view matching the currency used by the client. If you select a bunch of slips belonging to different clients, then Billings uses the exchange rate to calculate the total amount in each currency type which is visible at the bottom of the application window. This conversion is only approximate as the final calculation may very depending on the exchange rate used.