Currency Rate

• The currency rate page in a loan management system is like a foreign exchange translator for your loans. It helps you deal with loans in different currencies (like USD, LAK, THB) 

• Example: Imagine you have a loan in Thai Baht (THB) but your system tracks things in US Dollars (USD). The currency rate tells the system how much 1 USD is worth in THB (e.g., 1 USD = 35 THB). This allows the system to:
  • Calculate Loan Amounts: When a loan is issued in THB, you can enter the amount and use the exchange rate to convert it to USD for internal tracking.
  • Record Payments: If someone repays part of a THB loan in USD, the exchange rate helps convert it to the correct THB amount for your records.
  • Track Interest: Interest earned on the loan (in THB) can be converted to USD using the rate for accurate reporting.

• Two Ways to Set Rates:
  • Manual: You can enter the exchange rate yourself on Currency Rate Page, useful for specific situations or currencies not offered by BCEL.
  • BCEL Automatic: This will daily update automatically 

Currency Rate page

• These rates are used when converting the collection in the collection receipt module and Loan disbursement process, also some journal entries.

Functionalities

• User can see all the Currency Exchange Rates on the Currency Rate List page.
• User can add all the Currency Exchange Rates on the Add Currency Rate page.
• User can edit all the Currency Exchange Rates on the Edit Currency Rate page.
  • Note : Edit Action available only for Today rates.

BCEL Currency Rate Page

• BCEL is a bank in laos. Here the exchange rates are fill according to the BCEL.
• Exchange rates are fill automatically through the system for each day. after that, staff member can check these values and approve the rates.
  • • •  From USD to LAK
      •  From USD to THB
      •  From THB to LAK
      •  From THB to USD
      •  From LAK to THB
      •  From LAK to USD 

NOTE: In our system, BCEL Rates are used for Journal entries.