Currencies

Content:

• Set up your Currencies

• Automatically update your currencies

• Set up your currency provider

• The document date sets the currency rate

• Updating the buying and selling rate of your currency

• Automatic calculation of the currency difference

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.

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.

1. Hold your cursor over the button and you will see the latest rate.
2. 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.