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The following steps will guide you through Multi-Currency setup.

1. Setup Currency Exchange Rate Type
   1. Common Info > Currency Exchange Rate Types
   2. Add Currency Exchange Rate Type, ex. Average and Spot
      1. 
   3. Click Save  Save 
   4. Click Close
2. Setup Currency Exchange Rates
   1. Common Info > Currency Exchange Rates
   2. Add and configure currency exchange rates, see example below
      1. INR/USD
         1. 
      2. EUR/USD
         1. 
   3. Click Save
   4. Click Close
3. Setup of Functional Currency and Default Rate Types from Company Configuration
   1. System Manager > Company Configuration > System Manager > System Manager tab 
   2. In Details tab > Default Values section, 
      1. Set Functional Currency field, ex. USD. This is the home currency.
      2. Set Currency field, ex. 6. This will define the number of decimals to be shown on Forex Rate field.
      3. 
   3. In Multi-Currency tab > Default Rate Types section,
      1. Set default Default Rate Types for the following fields. This is used as defaults for Forex Rate Type field when creating foreign currency transaction. 
         1. Accounts Payable, ex. Spot
         2. Cash Management, ex. Spot
         3. Inventory, ex. Spot
         4. Contract, ex. Spot
         5. Accounts Receivable, ex. Spot
         6. General Journal, ex. Spot
         7.