Currency Exchange Issue

I face a issue while make payments to vendor in Chinese yaun(RMB) but its not convert value from Chinese yaun to Pakistan rupees.
So kindly update me related to this issue and how to solve it.

@rana826 It appears the reason the currency rate isn’t being converted is that you do not have a currency exchange record to go from PKR to RMB.

You can update that by adding “/tablemaint/CurrencyRate/edit” to the end of your Cetec URL, and that will take you to the currency exchange rate data maintenance table.

Once there, all you have to do is add a new record to set the exchange from PKR to RMB and the rate will automatically be updated overnight to reflect the current rates. And that will be automatically kept up to date daily going forward.

We updated but its still not working so kindly help us on this issue and please add Chinese yaun to our record.
As previous currency exchange rate also set by Cetec ERP support team.

@rana826 We’ll take a look at the exchange rate entries in your environment and see if we can figure out why it doesn’t appear to be working.

@rana826 It looks like the currency exchange wasn’t getting updated properly in your environment. We’ve corrected that and it seems to be working now. When it’s update overnight next, it should pick up the new record for PKR > RMB and begin including that exchange rate for you moving forward.

Let us know if you continue having issues with it!

This is my 3rd email regarding this issue…
We still face same issue relating to currency conversion of Chinese yaun in to Pakistan rupees.
In last email you said that currency has been updated in my environment then why still i face this issue…So kindly resolve this issue as soon as possible.

@rana826 Sorry this has taken some time to get fixed for you. There have been a couple of different issues.

The first was that your environment was not updating the exchange rates at all, and we resolved that.

The second, and the one we believe we have figured out now, is the exchange rate for Pakistan Rupees to Chinese Yuan not being updated.

After some additional research, we believe that the issue is the abbreviation for Chinese Yuan being set to RMB (renminbi). The distinction is subtle: while renminbi is the official currency of China where it acts as a medium of exchange, the yuan is the unit of account of the country’s economic and financial system.

To correct this issue, you’ll need to go to your currency table (/tablemaint/Currency/edit) and change the abbreviation for Chinese Yuan from RMB to CNY. After that, Chinese Yuan should get updated in the exchange rates when they get updated overnight.

Apologies again for the time it’s taken to get this working properly for you. Hopefully this last change will correct the issue completely for you.

Hi Sir

We change abbreviation from RMB to CNY in currency table and also enter new record PKR to CNY in currency rate table but still software not change currency from CNY to PKR.

Also guide us In currency rate table which rate we apply in column of rate.
Ref id>1509&1508

Kindly resolve this issue as soon as possible as our daily routine and working is pending.

Hello again @rana826,

I believe what happened is that you made those changes after the script that updates the exchange rates had already run for the day.

We went in an ran that script a couple of times manually, and it does appear that it is now functioning properly, including the entries for PKR > CNY.

Again, apologies for the extra time it took to get this working for you.

Hi again @cetecerp13

Thank you for your support and guidance about currency exchange rate from Chinese currency to PKR.
Now at current date its change currency rate from CNY to PKR accurately but when we post general entry and payment to vendor at previous date but its not change currency from CNY to PKR as we implement our software from back date and we required to post entries from 1 Jan 2020 to onward.
So kindly resolve this issue as soon as possible.

Hi @rana826

The reason those ledger entries aren’t using the correct exchange rates is because the exchange rates table doesn’t have entries on or prior to those dates for those currencies.

In order to resolve that, you will have to make manual entries to the currency exchange table for the dates you’re adding the entries. Depending of the level of fidelity necessary, you may need to add entries for every date between 2021-01-01 and 2021-01-15, or you may find it acceptable to only do a few entries for each week in that period.

In order to find the correct rates for the days you’ll be enterring, you’ll have to find a website that has the historical exchange rate data. For instance, I was able to locate it here:

After you’ve entered the appropriate exchange rate, you’ll have to go to the ledger entries and update them so that they pull the exchange rate information. You shouldn’t need to make any changes to the ledger entries, just open them and click update.

Let us know if you have any further questions related to this issue!