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Kuberan AI Help

Settings — Exchange Rates

Open Exchange Rates

Overview

The Exchange Rates screen manages currency conversion rates for practices that work with clients who transact in foreign currencies. Kuberan AI uses the rates configured here to convert foreign-currency transactions to the workspace’s default currency (typically CAD) when displaying financial summaries and generating reports. Rates can be entered manually for precise control, or you can enable automatic updates to pull current rates from a live currency feed. A rate history log tracks all changes for audit purposes.

Exchange Rates screen showing currency pair rows with current rates and an automatic update toggle
The Exchange Rates screen. Manual rates are entered per currency pair; automatic updates toggle at the top.
  1. (1) Automatic Rate Updates toggle
  2. (2) Currency pair — e.g., USD to CAD
  3. (3) Current rate and effective date
  4. (4) Edit Rate button
  5. (5) View History link

Automatic Rate Updates

Automatic Rate Updates

When enabled, Kuberan AI fetches exchange rates daily from a live market data feed and updates all configured currency pairs. Rates are updated at midnight UTC each day. When disabled, rates remain at whatever value was last manually entered until you update them.

Enabling automatic updates is recommended for practices with frequent foreign-currency transactions where rate accuracy matters (e.g., US dollar invoices from a Canadian client doing business with US customers). For practices with only occasional foreign transactions, manual updates may be sufficient.

Currency Pairs

Each row represents one currency pair — a foreign currency and the base currency (CAD). The rate shown is how many CAD one unit of the foreign currency equals.

For example, if the USD/CAD rate is 1.3650, then:

  • $1 USD = $1.3650 CAD
  • A $500 USD invoice = $682.50 CAD when converted

Supported currencies include: USD (US Dollar), EUR (Euro), GBP (British Pound), CHF (Swiss Franc), AUD (Australian Dollar), JPY (Japanese Yen), MXN (Mexican Peso), and many others.

Actions

Add a Currency Pair

    1. Click Add Currency Pair.
    2. Select the foreign currency from the dropdown.
    3. Enter the exchange rate (units of CAD per 1 unit of the foreign currency).
    4. Enter the effective date. This is the date from which this rate applies. Transactions with a date before this rate’s effective date will use the previous rate in the history for that pair.
    5. Click Save.

Update an Exchange Rate Manually

    1. Find the currency pair in the list and click Edit Rate.
    2. Enter the new rate and the date it is effective.
    3. Click Save. The old rate is preserved in the history log.

The CRA has specific rules about which exchange rates must be used for tax reporting purposes. For most transactions, the Bank of Canada’s noon rate or the average annual rate is acceptable. When accuracy matters for a specific transaction (e.g., a large US dollar payment), enter the exact Bank of Canada rate for that date rather than relying on an approximate daily feed.

View Rate History

Click View History on any currency pair to see the full list of every rate that has been recorded for that pair, with the effective date and the source (Manual or Automatic). This log is useful for audit purposes — if a client questions why a foreign transaction was converted at a specific rate, you can look up exactly what rate was in effect on the transaction date.

UI Elements

Current Rate

The rate currently in effect for converting this currency to CAD. Shown as a decimal to four places (e.g., 1.3650).

Effective Date

The date from which this rate applies. When looking up the conversion for a historical transaction, Kuberan AI finds the rate whose effective date is closest to (but not after) the transaction date.

Source

Manual — the rate was entered by a team member. Auto — the rate was fetched from the live feed. When automatic updates are enabled, the source changes to Auto for each daily update.

CRA Guidance on Foreign Currency

The CRA requires that foreign currency amounts be converted to Canadian dollars for tax reporting purposes. For income tax purposes, use the Bank of Canada exchange rate in effect on the day the transaction occurred. For GST/HST purposes, use the rate on the earlier of the day the consideration is paid or becomes due.

Annual average rate: The CRA permits the use of the average annual Bank of Canada exchange rate for the tax year when there are many transactions in a foreign currency throughout the year and using a daily rate would be impractical.

Tips

  • Automatic updates are not CRA-authoritative. The live feed rates are close to the Bank of Canada rates but may differ slightly. For high-value transactions requiring precision, always verify and manually enter the Bank of Canada rate.
  • Only configure pairs you actually use. If none of your clients transact in Japanese Yen, there is no need to add a JPY/CAD pair. Keep the list limited to currencies that appear in your client files.
  • Historical rates matter. When preparing prior-year financials, the exchange rates in Kuberan AI should match the rates in effect during that prior year, not today’s rates. Review the rate history and add historical entries if prior-year rates are missing.