Updating the base currency is a significant action that affects how all financial data is structured moving forward. It is important to ensure all stakeholders are informed before making changes.

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.   
Please read: The base currency serves as a reference point for financial records within the platform. The base currency is set during the initial signup process and there is rarely a need to ever update it. However, if there's a need to update the base currency, navigate to the Company Settings page. Here, you can locate the Base Currency drop down and make the necessary update.
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. 
Only users with the appropriate access can update your organizations base currency within oboloo. To find out more about user access rights, please check out this user guide here.

When to Use This Feature

  • If your organization operates in a new primary currency due to business expansion or regulatory changes.

  • If financial reporting and calculations need to be aligned with a new standard currency.

  • If past financial records were recorded in a different currency and require adjustment.

Step-by-Step Guide

1. Navigate to the Company Settings Page

  • Click Settings in the main menu.

  • Select Company Settings from the dropdown list.

2. Find the Base Currency Field

  • Locate the "Base Currency" section.

  • Click "Update" next to the base currency field.

3. Choose a New Base Currency

  • Select the new base currency from the dropdown list.

  • If the desired currency is not listed, add it first under Settings > Currencies.

💡 Tip: The base currency should be the most commonly used currency for financial transactions within your organization.

4. Save the Changes

  • Click "Save" to confirm the update.

5. Base Currency is Now Updated!

  • The platform will now display all financial data in the newly selected base currency.

  • Future transactions and financial records will use the new base currency as the default.

Key Considerations & Best Practices

✅ Changing the base currency does not convert past financial data—historical records remain in the original currency.

✅ Exchange rates must be reviewed and updated after changing the base currency to ensure accurate conversions.

✅ The base currency applies across all modules, including sourcing, contracts, savings, and reporting.

✅ Ensure all finance teams and stakeholders are informed before making changes to prevent confusion in reporting.

Additional Resources

📌 Related User Guides:

📌 Need Further Help?
If you need further assistance, please contact your internal platform administrator for support. Otherwise please reach out to oboloo's support team. If you are unable to view the above area in the oboloo platform, please check your user permissions and access rights.