To add a new currency to your model, do the following:
- Go to Modeling > Model Management and click Currencies.
- Click Add New in the Currencies box.The Add Currency screen appears.
- Select the currency you want to add from the list. Use the search box or just scroll down the list. Enter part or all of the currency’s name and press Enter to skip through the list to currencies that match your search.
- Set how many decimal places you want the currency to have in your model.
- Decide whether to create default reporting rates for this currency in your model.
When this box is checked, the system creates direct exchange rates between the new currency and all other active currencies in the system. This enables a more precise exchange rate for the new 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 may create hundreds of exchange rate accounts and should be done only sparingly.
- Click Save.