When Are Exchange Rates Applied?
Exchange rates are used in the following situations:
Suppliers with a different currency: Your account is set up with a currency, but you work with one or more suppliers who invoice in a different currency.
POS system with a different currency: Your account is configured in one currency, but the sales data from your POS system is recorded in another currency.
How Does Currency Conversion Work?
When a transaction involving a different currency is recorded (supplier order or POS sales), the software automatically converts the amounts into your account’s currency using the latest available exchange rate on the transaction date.
Example: If an exchange rate was retrieved on March 1st and another on March 5th, a transaction occurring on March 4th will use the March 1st exchange rate, as it is the latest known rate before the transaction date.
Source and Update Frequency of Exchange Rates
Exchange rates are updated daily and sourced from:
European Central Bank (ECB): The primary source for exchange rate retrieval.
Open Exchange Rates: The secondary source if rates are unavailable from the ECB.
Update Frequency: Rates are updated daily at 5:00 PM CET, except on weekends and public holidays.
Effective Date of New Exchange Rates
Rates retrieved on a given day become effective starting the next day.
Example: An exchange rate retrieved on March 1st will be used for transactions starting from March 2nd.
Indirect Conversion via an Intermediate Currency
If a direct conversion between two currencies is unavailable, the software will perform an intermediate conversion using EUR (Euro) or USD (US Dollar).
Example:
If a JPY → GBP conversion is not directly available, the system will convert using EUR or USD (JPY → EUR → GBP or JPY → USD → GBP).
With this exchange rate management, your account maintains financial consistency even when handling multiple currencies.
View Exchange Rates by Date
You can view exchange rates based on the date at the following link: Exchange Rates Overview.
With this exchange rate management, your account maintains financial consistency even when handling multiple currencies.