Contents

Basic data

• Record house currency: Company main data tab in GEN COMPANY PARAMETER

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.)

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.