In oboloo's Savings Management module, savings amounts are always displayed in the organization's base currency. This guide explains how savings created in oboloo are converted to the base currency using the exchange rate at the time of creation.
Currency Conversion in Savings Management
When you create a savings project in oboloo, you select the currency for that project. The exchange rate used to convert this currency to the organization's base currency is automatically taken from the Currencies setting page at the time of the project's creation. This ensures that all financial data is consistent and comparable across different projects within the organization.
The savings dashboard always displays amounts in the organisation's base currency. This is achieved by converting the project currency using the exchange rate obtained during the creation of the savings project. If there is a need to edit the exchange rate for individual milestones within a savings project, you can do so by navigating to the Savings Management module, selecting the savings project, and going to the Milestone tab. From there, you can edit the milestone via the Actions column and enter a new exchange rate in the 'Exchange Rate Against Base Currency' field.
Tip
Any changes made to exchange rates under a milestone will be reflected in the amounts displayed on the savings dashboards, ensuring that the financial information is accurate and up-to-date.
For more information on currencies and exchange rates in oboloo, please visit the Currencies Knowledge Base.
By following these steps, you can effectively manage and understand the currency conversions within oboloo, ensuring that all savings data is accurately represented in the organization's base currency.