Note: The Base Currency is the default currency your company uses within oboloo and will always appear first in all currency drop downs. This can be updated via the Company Settings page only.  

Only users with the appropriate access can add and manage users within oboloo.

Base Currency

The base currency is one of the most critical settings within oboloo, acting as the financial foundation for your organisation's operations. It is used as the default currency across all modules and serves as the reference point for exchange rates, financial analyses, and reporting. This guide provides a comprehensive understanding of the base currency, its purpose, and the implications of making changes to it.

What is the Base Currency?

The base currency in oboloo is:

• The primary currency displayed in dashboards, analytics, and reports
• The default currency for all financial records across the platform, including contracts, savings, and sourcing activities.  
• The default currency that appears first in all currency dropdowns, ensuring consistency throughout the system.

It is set during the initial onboarding process and is rarely updated afterward due to its system-wide implications.

Repercussions of Updating the Base Currency

Changing the base currency is a significant action that can impact multiple areas of the oboloo platform. Here’s what you need to know:

1. Existing Exchange Rates: - If the base currency is updated, all exchange rates set against it will need to be reviewed and adjusted. Failure to update exchange rates may result in inaccurate financial records and reporting.
2. Impact on Financial Records: Historical financial data (e.g., savings amounts, contract values) will not be converted to the new base currency. They will remain tied to the exchange rates used at the time of their creation. Updating the base currency will not retroactively adjust records or reports; it only applies moving forward.
3. System-Wide Consistency: All dropdowns and modules will reflect the updated base currency as the default. Users working with suppliers or contracts in other currencies may need to adapt to the change in default settings.
4. Stakeholder Communication: It is essential to notify all relevant stakeholders before making any changes to the base currency. A clear understanding of the implications will minimise confusion and ensure a smooth transition.

How to Update the Base Currency

Check out our user guide for updating your organisations base currency here

We recommend informing all stakeholders where necessary prior to making any updates to the base currency.

It's important to note that altering the base currency may impact existing exchange rates. Therefore, if a change is made, users must ensure that all other exchange rates are updated accordingly to maintain accurate financial records.