Manage currency exchange rates

Product subscription required: IRIS Elements Tax Enterprise

Accounts produced in IRIS Elements Accounts Production can be posted in a foreign currency but tax returns created in IRIS Elements Tax must be in British pounds (GBP). Use the Foreign exchange rates feature to dictate the exchange rates to use and when.

Supported currencies

You can manage the following currencies in IRIS Elements Tax:

  • Euro (EUR)
  • Japanese Yen (JPY)
  • Swiss Francs (CHF)
  • UAE Dirham (AED)
  • US Dollar (USD)

If you require an additional currency, submit a suggestion to our IRIS Elements Ideas Portal.

Add the first exchange rate

Each foreign exchange rate entered reflects the value of 1 GBP (£1). Use date ranges for different rates to account for currency fluctuations.

  1. Select the Admin settings cog icon.

  2. From the Accounts Production and Tax integration tile, select Foreign exchange rates.
  3. Select Add [currency] for the relevant currency.
  4. Enter the [currency] to GBP rate.
  5. Enter the Date [the rate] applies from.
  6. Select Add rate.
  7. Either select:
    • Add rate to add more exchange rates for the same currency.
    • Add currency to add exchange rates for a different currency.
    • Settings to return to the Settings page.

Adding additional or editing existing rates

  1. Select the Admin settings cog icon.

  2. From the Accounts Production and Tax integration tile, select Foreign exchange rates.
  3. Select:
    • Add rate to add additional rates to a currency
    • Add currency to add exchange rates for a different currency.
    • Edit to update the date or rate for an entry
    • Delete to remove an entry.

Changes to existing exchange rates only affect unlocked tax returns. Locked tax returns continue to use the rates that were active when they were submitted.