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Automatic rate calculation for two foreign currencies

New: In the Invoicing and on the Calculation tab the CONVERSION PROCESS has been AUTOMATED, as it already works in the incoming invoice. 

During the conversion, the program goes through an intermediate step using the recorded local currency of the client.

For example, if you want to convert from USD to GBP and the local currency is EUR, then USD is converted to EUR first and then EUR to GBP.

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The foreign currency can either occur within the invoice as a calculation line or be a total amount as an invoice in foreign currency. 

There are two types of currency conversions:

  1. individual files/values within an invoice

  2. a complete foreign currency calculation that differs from the house currency
    This contains values in the house currency as well as in the foreign currency.

The currency conversion does not require an additional line.

The R.O.E. can be entered per billing line in an additional field.

  • If the current R.O.E. is entered in the basic data, it is pre-assigned on creation of a billing line with this currency.

  • If a vessel R.O.E. is recorded on the Statistic tabin the file, this is pre-assigned in the invoicing instead of the basic data R.O.E.

For this purpose, the settings in your basic data and the fixed and variable components of an invoice must be explained in each of the following sections.

Contents

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Basic data

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Term Currency

House currency

The currency used in the country where your company is located.

This is the Euro in European countries.

Thus, the house currency in Germany is the EUR.

This was set in the basic data, even though you cannot see it → Company main data tab in GENERAL COMPANY PARAMETER.

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Foreign currency

All other currencies.

Due to the fact that companies do not have foreign currency accounts, all foreign currency amounts need to be translated to the house currency.

(Companies or branches that are not located in Europe do not have the EUR as their house currency. The EUR is therefore a foreign currency.)

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Table of Contents

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Automatic rate calculation for two foreign currencies

In the Invoicing and on the Calculation tab the CONVERSION PROCESS has been AUTOMATED, as it already works in the incoming invoice. 

During the conversion, the program goes through an intermediate step using the recorded local currency of the client.

For example, if you want to convert from USD to GBP and the local currency is EUR, then USD is converted to EUR first and then EUR to GBP.

This means that currency conversion data will not need to be maintained in the Basic Data in the future.