- Set up your Currencies
- Set up your currency provider
Set up your Currencies
If you work with several currencies you can specify these currencies and adapt the settings under Registry - Currency in the left-hand menu.
In the Code field you can see abbreviations of various available currencies in the drop down window. Select the currencies you want to use. You can edit the various fields, for example change names and rates. The selling rate will be used for your supplier invoices and purchase orders. The buying rate will be used for your customer invoices, quotes and orders.
The currencies can have up to 4 decimal places and can be adjusted at any time.
The List's radio button choice offers an extra display column, which appears in customer and supplier invoice lists if you select the alternative: Show rates in foreign currency. If you want the invoice list to show only sums converted into Euro (base currency), select instead Show rates in domestic currency. Click Save when finished.
Your accounting will always be in Euro (base currency). When you save and post invoices the accounting data is calculated by multiplying the current exchange rate with the invoice amount. Note that the currency and exchange rate to be used can be edited directly in the header of the customer and the supplier invoice (as shown in the picture below), if the currency has been added to the currency list (see picture above).
Currencies can then be preselected on your customers and suppliers in the registry under Additional Information.
For the correct accounts for currency winnings and losses etc. to be retrieved for invoicing in foreign currency, these accounts must be registered under Registry - Chart of Accounts - Default Accounts.
Automatically update your currencies
You have the possibility to choose whether you want to continue updating your currency exchange rates manually or if you want to use automatic updates to provide you with the latest exchange rates. Activate Automatically update currency exchange rates by ticking the box at the bottom of the screen in the currency view under Registry - Currency.
Set up your currency provider
In Briox, you have possibility to select between two currency providers, ECB and XE.
Please note that ECB lists only the more common currencies and while XE provides a complete list. If you have been using a currency that ECB does not support, you will not be able to change from XE to ECB.
Remember to enable the Automatically update currency exchange rates checkbox.
Select the currency provider and click Save. The currency rate report will also reflect this change.
XE provides history rates on their website and are updated at 16:00 UTC, which means that it may be some deviation from Briox's rates: https://www.xe.com/currencytables/
You can also view the rates' over time here: https://www.xe.com/currencycharts/
The currency exchange rates that come from ECB: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html
The reference rates are usually updated around 16:00 CET on every working day, except on TARGET closing days. They are based on a regular daily concertation procedure between central banks across Europe, which normally takes place at 14:15 CET.
The document date sets the currency rate
When creating a Quote / Order or Customer Invoice, or a Purchase Order or Purchase invoice, it is the invoice date that will set the currency rate used in the invoice if you have the functionality for automatic currency update turned on.
Updating the buying and selling rate manually
If you have made a manual change to the exchange rate in the currency rate table under
Registry - Currency, you can use the update button on the invoice to retrieve the latest registered rate when registering your invoice, quote or order.
- Hold your cursor over the button and you will see the latest rate.
- Click on the button for the update to be carried out.
- The currency can only be updated on unposted invoices.
- The button will be visible only if the Automatically update currency exchange rate checkbox is unmarked under Registry - Currency. Ie: if you use ECB or XE as currency rate providers the button will not be visible as your rates are updated automatically everyday.
Automatic calculation of the currency difference
Under banking when matching a payment to an invoice in foreign currency, if you want to post the full payment difference as a currency difference, you can indicate this by pressing on the Calculate button available in the payment modal.
Briox will then calculate the exchange rate for you automatically and the whole difference will be posted to Currency difference.
The currency calculation is based on:
- the payment (EUR amount) (50)
- divided by the the remaining invoice balance (CURRENCY amount)(500)
Note: it remains the user's responsibility to check that the currency rate is reasonable.
See below, before & after pressing on Calculate.