Budgeting
You can add the currencies a production spends in, set their exchange rates and switch the currency the budget is shown in, without changing what any account is priced in.
KOSMA uses the word currency for two settings. Each account has its own currency, the one it is priced in: a German crew member in euros, for example, and a London stage in pounds. The reporting currency is the one the budget's totals are shown in. You need an open budget.
In the toolbar, click the currency list, which shows the reporting currency, for example  **EUR**. Choose **Settings**. KOSMA opens **Currencies**. You can also open it through **Edit** in the currency list of a **Price/Unit** cell.
Click  **Currency**. KOSMA opens **Select Currency**, which lists every currency the budget does not have yet. Type the code or the name in the search box, click the currency and click **Ok**. KOSMA adds it with an exchange rate of 1 and closes **Select Currency**. KOSMA sets the **ISO Code** from your choice, and you cannot change it. You can change the **Name**.
KOSMA expresses every exchange rate against the default currency. To make another currency the default, click  in its row in the **Default** column. KOSMA sets its rate to 1 and recalculates every other rate against it, so the converted totals keep their value. You cannot edit the rate of the default currency.
In the row of the currency, click the **Exchange Rate** cell and type the rate. The tooltip of the column says which way round the rate goes:
Units of this currency per 1 unit of the default currency. Editable for non-default currencies.
If you type the rate the wrong way round, every converted total in the budget is wrong. KOSMA does not warn you.
For example, if EUR is the default currency and 1 euro is worth 1.08696 US dollars, type 1.08696 for USD. KOSMA accepts a number above 0 with a point as the decimal separator and up to five decimals. It ignores anything else you type.
To use the current market rate instead, click  **Update exchange rate** in the row. KOSMA fetches the rate online against the default currency, writes it into **Exchange Rate** and enters today's date in **Last Update**. **Last Update** shows only the last online update: a rate you type leaves the date unchanged. KOSMA never updates a rate on its own.
Click **Ok**. KOSMA saves the currencies and calculates every converted figure in the budget from the new rates.
In an account's **Price/Unit** cell, type the price and choose the currency from the list in the cell. The currency has no column of its own. **Total** shows the account in its own currency. A second total column, named after the reporting currency (for example **Total USD**), shows the same amount converted. For how KOSMA calculates both, see [how an account total is calculated](/kb/article/how-an-account-total-is-calculated).
In the toolbar, click the currency list and choose a currency. KOSMA shows the total column named after the currency, the pivot columns and the grand total in that currency. When you hand the budget to a partner who works in another currency, switch the reporting currency. You then keep one budget for both of you.
KOSMA gives a new account the currency you chose here.
The toolbar list shows only the currencies that are not hidden. To hide a currency, click  **Show/hide currency** in its row in **Currencies**. The currency list in a **Price/Unit** cell still offers a hidden currency, greyed out.
In **Currencies**, **In Use** shows how many accounts use each currency. To delete a currency, click  **Delete currency** in its row. If accounts use it, KOSMA lists them before you confirm.
When you delete a currency that is in use, KOSMA moves its entries to the default currency. This cannot be undone.
You cannot delete the default currency. Make another currency the default first. For the dialogs and messages, see [why some things can't be deleted](/kb/article/why-some-things-cant-be-deleted).
**If Update exchange rate changes nothing.** KOSMA could not fetch a rate: the computer is offline, or the rate service does not know the currency. KOSMA shows no message, and the rate stays as it was. Type the rate yourself.
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