12.1.6. Currency

The system provides a set of rate types necessary for the currency exchanges. All the rate types are used for the definition of exchange rates and are defined in the Rate Type window, found in Performance Analysis -> Accounting Rules. This window is also used to to establish which of the rate types will be used by default.

Currency Rate

Once the rate types have been defined, these need to be entered in the Currency Rate window with the corresponding conversion rates. The following fields are available:

• • starting with v17.01, in order to avoid inconsistencies between currency rates and corresponding documents, currency rate records can no longer be edited after save;

• Conversion Type - grouping method used for conversion rates;

• Currency, Currency To - source and destination currency;

  • the available currencies can be defined in the Currency window, located in the Performance Analysis -> Accounting Rules menu;

• Valid from, Valid to - validity interval for the currency;

• Multiply Rate, Divide Rate - conversion rates between the currency and destination currency in both ways, respectively;

The conversion rates can be entered manually or be imported.

We recommend you add 2 conversion rates for any pair of currencies: from currency A to B and the other way around. The system will use the more convenient one, depending on the currency on the document.

• Starting with version 13.05, the reverse exchange rate will be automatically be created whenever you add a new currency rate.

Conversion Rate Import

SocrateCloud offers an automatic import process for currency exchange rates that can draw the information from NBR or ECB. The Conversion Rate Import (NBR / ECB) is located in the Performance Analysis -> Accounting Rules menu and can be run automatically using the Scheduler functionality:

• Currency Type - the Rate type for which the conversion rate is imported;

• Currency List - list of currencies for which the conversion rate is imported;

• Bank URL - link published by the bank for the import process. The following options are available:

  • "National bank of Romania" - URL: http://www.bnr.ro/nbrfxrates.xml

  • "European Central Bank" - URL: http://www.ecb.europa.eu/stats/eurofxref/eurofxref-daily.xml

When defining the "Bank URL" parameter in Scheduler you need to use one of the URL's provided above.