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Currency rates

Currency rates record the conversion factor to the company currency for a foreign currency and a specific date.

Currency rates

Currency rates record the conversion factor to the company currency for a foreign currency and a specific date.

Why this point is crucial for key users

Six decimal places seem inconspicuous, but can be crucial for large document values. The key user ensures correct source, date, direction and accuracy.

Fields and settings at a glance

  • Foreign currency: Currency to which the rate applies.
  • Course date: Effective date of the exchange rate.
  • Course: Conversion factor with up to six decimal places.

How to prepare for the process safely

  1. Select foreign currency and technically valid course date.
  2. Adopt the course from the shared source.
  3. Check the price direction with a known example amount.
  4. Save and check the conversion in a test document.

Check before sharing

  • There is no conflicting rate for date and currency.
  • Example calculation and rounding are correct.
  • The course source is clearly documented.

What your team gets out of it

Foreign currency values are translated precisely and verifiably into the company currency.

Related topics

  1. For key users – understand and prepare processes › Finance › Currencies › Currency API
  2. For key users – understand and prepare processes › Finance › Corporate bank

Frequently asked questions

Why is currency rates important for key users?

Six decimal places seem inconspicuous, but can be crucial for large document values. The key user ensures correct source, date, direction and accuracy.

What needs to be checked before release?

There is no conflicting rate for date and currency. Example calculation and rounding are correct. The course source is clearly documented.