Worthic supports the use of over 170 currencies, and foreign exchange rates are updated daily at 18:15 UTC. We maintain a historical database of foreign exchange rates, so that a user's historical transactions will always be based on the prevailing exchange rate on the day of the transaction.
Account currency
Transactions for each account is recorded in the account's base currency. The transaction date is used for any downstream forex calculations, where transactions are to be reported in different currencies. Once set, an account's base currency cannot be changed.
Accounts include transactional, liability and asset/investment accounts.
Reporting line currency
Real estate reporting lines have their own base currency, which may be different from the workspace currency or the currency of the accounts it transacts on. Transactions in non-base currency are converted to base currency using the forex rate on the day of the transaction, and reporting is in the reporting line's base currency.
Real estate reporting line currency is set at the time of creation of the reporting line, and can be edited thereafter from workspace settings, Reporting lines, Real estate.
Personal and business reporting lines use the workspace currency as their base currency. Cashflow and net worth reporting is in workspace currency.
Workspace currency
Workspace currency is the main workspace currency, used in combined cashflow reporting, net worth reporting, budgets, targets and forecasts. Transactions in currencies other than workspace currency are converted to workspace currency using the prevailing exchange rate on the day of the transaction.
Workspace currency is set at the time of workspace creation and can be edited thereafter from Workspace settings, Workspace profile.