# Currency Rate

[![image.png](http://wiki.lalco.la/uploads/images/gallery/2024-07/scaled-1680-/9Efimage.png)](http://wiki.lalco.la/uploads/images/gallery/2024-07/9Efimage.png)

- 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.**