To add a new currency, click Add New at the bottom of the Currencies box. Select the new currency from the list, select its decimal places of precision, and choose whether it should be a reporting currency or not (see below). Click Save to add it to the list.
When adding a new currency, select the currency from the list, then proceed to the other settings.
Decimal Places: Specify how many decimal places of precision the system uses for this currency.
Reporting Currency: Check the box to mark this currency as a reporting currency. When a currency is marked as a reporting currency, the system creates direct exchange rates between it and all other active currencies in the system. This enables a more precise exchange rate for the reporting currency, compared to non-reporting currencies, whose exchange rates are calculated by converting them to the corporate currency and then to the target currency. In large companies, however, marking a currency as a reporting currency can create hundreds of exchange rate accounts and should be done only sparingly.
To edit an existing currency, click Edit in its row in the Currencies box. This allows you to change the decimal precision of the currency and mark it as a reporting currency.