What's new?
We are very excited to announce the integration of live exchange rates for transactions into Access Financials to provide you real time currency conversion and more accurate data in your database.
Benefits of live exchange rates
Time Efficiency: It helps reduce your manual work and potential errors associated with updating exchange rates manually.
Risk Management: Allows you to better manage currency risks and make informed decisions with accurate and timely exchange rate data.
Improved Cash Flow Management: Optimize your cash flow management with real-time insights into currency conversion, minimising the impact of exchange rate fluctuations.
Consistent Reporting: You can generate financial reports that accurately reflect the currency values as of the transaction dates.
Key features of live exchange rates
Real Time Currency Conversion:
Automatic Updates: The system now automatically updates exchange rates at regular interval (daily) for you ensuring the most current rates are available when posting transactions.
Instant Conversion: Convert transaction amounts from one currency to another instantly, helping ensure reliable invoicing and payments.
Automated Integration:
Seamless Updates: Access Financials is now integrated with Xignite, a leading provider of financial market data, to fetch live exchange rates automatically.
Error Handling: Robust error handling mechanism to help you with continuous and reliable data retrieval.
Comprehensive Historical Data:
You can access historical exchange rates for multiple currencies, going back to 01/01/2024. You can use this data for trend analysis and historical financial reporting.
You have access to daily exchange rates, making it easy to analyse currency trends over time.
Date Sensitive Currency Rates:
Use the exchange rate applicable to a specific date a transaction was initiated, rather than the current exchange rate, ensuring historical accuracy.
Activate live rates in your database
Log into Access Financials, then click System the Options and then click System Options.
Note: Accessing the System module is security permission driven so you might not have permission to access it.Click on the Options tab and find the Transactions section, then under Currency, select the checkbox for Automatically retrieve exchange rates
Click Save.
Using live exchange rates
Once you have enabled the live rates option, you can proceed with your usual transaction entry and the system will automatically apply the latest exchange rates available for your selected currency.
You can override the automatically populated exchange rate on currency transactions should you need to, however it is recommended to use the rates provided by the system for consistency and compliance purposes.
Module Options that use live exchange rates
Module | Options |
Debtors |
|
Creditors |
|
Financials (Nominal) |
|
Selling |
|
Purchasing |
|
Corrections |
|
System - Utilities |
|
Consolidation |
|
Intercompany |
|
Accruals |
|
Date Sensitive Currency Rates
When the Use Date Sensitive Currency Rates selected in the System Options, this allows you to use the exchange rate applicable to a specific date a transactions was entered, rather than using the current live exchange rate to ensure that the historical accuracy is preserved when you are using dates in the past on your transactions.
Note: Access to the System Module is security profile permission driven, so you might not have access.
Your Currency Rate History
You can view historical rates for all the currencies that you have set up on your database in the System Module, just go to Systems then select Currency Rate History from the options.
Your historical rates are displayed in the Currency Rate History screen where you can filter, sort your columns and export the data. The screen loads with all your currency rates grouped and in a collapsed state, and you can expand to see more information by clicking on the expand arrow in front of the relevant currency.
All your rates provide you with a history from 01/01/2024.
Live Currency Rate Handling Key Points
Exchange rates are updated overnight (02:30 am UK time)
The system supports a wide range of currencies from around the world. For currencies not supported (currencies deprecated or discontinued) the system will suggest the value “1”, that you can manually amend with the needed value and proceed with your posting.
When you use a date set in the future for your transaction, the system will provide the rate for the current date.
When you are using consolidation and linked databases are set up with different base (home) currencies, the appropriate live rate will be offered in both the Profit and Loss and Balance Sheet Rate fields, based on the Date Value used in Creation Date field. You can manually amended the values.
If you are using AOI, please note that live rates are not applicable to the transactions you are viewing/ editing. Please ensure the values are amended manually, if needed, before uploading the data into Access Financials. We are evaluating the best solution to integrate AOI product with the live rates and will keep you informed with the progress.
When using Live Rates, the Manual Rates will still be available for you to edit, however the changes will apply only for Costing module, Resources screen.
Whenever there is need to stop using the live exchange rates, you can just disable the option following the same steps provided for activating the feature.
White Navigator Background
Based on your feedback, we’ve updated the Navigator background from black to white. This adjustment reflects the input we’ve received from many of you, and we’re confident it will enhance overall usability and visual clarity.
To access your Digital Assistant, just click on Assistant icon in the bottom right-hand side corner of your screen, then click Ask a question and select the module you wish to learn about.
For any feedback on our Next Generation screens, please contact our Support department.
How this version will be made available
This release contains bug fixes as well as two hotfixes.
Bug Fixes:
Azure DevOps ID: 1827609
Summary: Fixed an issue where the transaction entry screen displayed a continuous loading indicator when attempting to add Credit Notes or Invoices for customers/suppliers with the '&' symbol in the code.
Support Reference/Ticket: 67701177, 67700625, 67662846.
Linked Azure DevOps Tickets: N/A
Azure DevOps ID: 1879000
Summary: Resolved validation error that prevented entry of 7-digit Company Registration Numbers for CIS suppliers in a specific format.
Support Reference/Ticket: 67834945.
Linked Azure DevOps Tickets: N/A.
Azure DevOps ID: 1887257
Summary: The period status message box now appears when hovering over Debtors, Creditors and Financials module headings in the New Navigation Menu.
Support Reference/Ticket: 67839732.
Linked Azure DevOps Tickets: 1878430.
Hot Fixes:
Azure DevOps ID: 1867625
Summary: Fixed screen freeze occurring when duplicating sales orders. Users can now complete the duplication process without closing and reloading the Financials tab.
Support Reference/Ticket: 67889511, 67854379, 67843972
Linked Azure DevOps Tickets: N/A.
Azure DevOps ID: 1880592
Summary: Fixed continuous loading screen that prevented users from accessing the Forms menu and approval processes.
Support Reference/Ticket: 67842311
Linked Azure DevOps Tickets: N/A.
Azure DevOps ID: 1887865
Summary: Resolved issue where some options in Action Panel became unresponsive through some screens in Debtors and Selling modules.
Support Reference/Ticket: 67859408, 67899577, 67890925, 67901982, 67888637, 67893031.
Linked Azure DevOps Tickets: N/A.