In Joiin, spot rates can be created in order to set historical exchange rates for certain accounts. A common use case for spot rates would be for the retained earnings account.
To create a spot rate within Joiin:
1. Click the settings cog in the top right corner
2. Select Exchange Rates from the drop down menu
3. Scroll to the bottom of this page to find the Spot rates
4. Click Add Spot Rate Account to add a spot rate
5. Enter the relevant rates into each month
6. Click the Save Exchange Rates button to save your work
How spot rates affect FX:
Once you have set your spot rate in Joiin, you may notice an issue that is causing your Balance sheet to fall out of balance. The reason for this, is that the spot rate that has just been set is causing values (Such as retained earnings) to increase/decrease whereas the accounts without a spot rate will remain the same. As there are some accounts using a different set of rates to all of the others, a difference can be expected.
The best way to account for this difference would be to post a manual adjustment to Joiin. To calculate and adjust for this difference:
1. Switch off the spot rate that you have created by going to the Exchange rates page and then click the Spot Rates slider
2. Calculate the value needed for this adjustment by taking the 'value without the spot rate' - 'value with the spot rate'
3. Go to the companies page in Joiin
4. Click the 3 dot menu beside the name of the company that contains the account that you have set up a spot rate for
5. Select Adjustments from the drop down menu
6. Click Add Adjustment account
7. Select Create new from the box that appears
8. Create a new FX Adjustment account by entering an account type, code and name
9. Enter the values that you have calculated previously for each relevant month
10. Click Update Adjustments to save your work