Currencies and Currency Rates can be maintained in the 'Currencies' menu.
Currency Rates can be defined below a Currency a can have multiple Valid From Dates.
Thorough the system there are 3 currencies calculated:
- Currency of customer or supplier
- Legal Entity Currency - this can be different if there are legal entities with a different currency, eg.g if you have a company in the UK (GBP) and in the Netherlands (EUR)
- Global Currency - used to define the amounts in the overall group currency, e.g. the Head office is in Europe , so the global currency is EUR.
Explanation of most important fields
Field | Explanation |
---|---|
Currency | The code of the Currency |
Sign | Sign of the currency |
Description | Description of currency |
EU checkbox | Defines if currency is part of the Eurozone |
Currency Rate | |
Currency | Base currency |
Currency To | Currency where the rate is valid for |
Currency Rate | Currency rate |
Date Valid From | The starting date of the currency rate |
Examples
Currency | Currency to | Currency rate | Date Valid From |
---|---|---|---|
EUR | USD | 1.080 |
|
EUR | USD | 1.063 |
|
Date | Used Rate | ||
| 1.080 | ||
| 1.063 | ||
| No valid rate found |