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Settings for default values of the rate of exchange in the invoicing

Special settings have to be made in the basic data if one or more clients are not working with the Euro as local currency.

→ This settings are recommended by CargoSoft.

The example in this article is the local currency CNY (Chinese Renminbi).

COMPANY → GENERAL COMPANY PARAMETER

A local currency is to be set for each client.

For the client company the local currency that is NOT Euro is defined in field Currency = [CNY]. CNY is to be used as local currency.

Entry of local currency of client:

Open

COMPANY → INVOICING

The CargoSoft program is marked with a status [H] to recognize this currency as the local currency.

On the tab Settings the fields

• field Currency key EURO = [CNY] (local currency)

• field Euro Status = [H] (means CNY is local currency)

are set.

So the currency in the field Currency key EURO is defined as the local currency - marked with the [H]! Every foreign currency will now be calculated in relation to 1 local currency!

The calculation in this example is based on 1 CNY = X,XXXX foreign currency (here: 0,1449 USD).

Fields Currency key EURO and Euro Status:

Open

ACCOUNTING → CURRENCIES

In this programm the rate of exchange of every foreign currency has to be placed in relation to the local currency.

Here: the R.O.E for USD is entered 1 CNY = 0,144900 USD.

Entry of R.O.E for each currency:

Default of R.O.E. in outgoing vouchers

If a foreign currency will be entered on the Invoicing tab → tab Voucher header data in the field Currency the R.O.E. appears the value entered in the basic data and calculates the local currency in relation to the foreign currency.

Here the local currency is NOT Euro but CNY → 1 CNY = 0,144900 USD.

So the rate is based on the local currency and the total amount of the voucher will be multiplied.

Invoicing → entry of voucher currency (total amount of the voucher):

Total amount of the voucher is NOT local currency (but CNY)

CargoSoft is using a reversed R.O.E. if an outgoing voucher will be issued in foreign currency (here: USD) AND further foreign currencies will be debited in other voucher lines.
In this example the voucher lines are debited in the local currency CNY.

Because the basic currency in this voucher is USD the R.O.E 0,144900 has to be multiplied from the amount of CNY 50,00 → so the amount to be debited is USD 7,25.

The R.O.E. appears automatically and multiplies the amount in the voucher line due to the settings in the basic data program CURRENCY CONVERSION.

Invoicing → default of R.O.E. based on program Currency conversion:

Settings in ACCOUNTING → CURRENCY CONVERSIONS - reversed R.O.E.

If a reversed calculation of the R.O.E. is necessary use the program CURRENCY CONVERSION. In this case the R.O.E. for USD should be multiplied by the local currency CNY.

(In other combinations it might be necessary to divide.)

Consequence: The currency entered here in the billing line of the voucher is entered here as the original currency. The destination currency is the total amount of the voucher.

Currency conversion → entry of reversed R.O.E.:

Field Currency conversion → R.O.E. remains empty

If no R.O.E. will be entered in programm Currency conversion the field Currency conversion – R.O.E. in the Invoicing remains empty - if a R.O.E. will be entered manually, the rate will be divided.

Folge in der Faktura → Kein Vorschlag des Umrechnungskurses:

View in the account sheet

In the Account sheet the voucher will be shown in local currency [CNY] with CNY 50,03.

Account sheet → view of the voucher in local currency:

Default of R.O.E. in incoming vouchers

The program Currency conversion is not valid for incoming vouchers in foreign currency.

The CargoSoft system converts foreign currencies independently.

Environment → Invoicing → Payables → Process voucher: