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.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.
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- From USD to LAK
- From USD to THB
- From THB to LAK
- From THB to USD
- From LAK to THB
- From LAK to USD
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NOTE: In our system, BCEL Rates are used for Journal entries.