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Foreign currency

INTERNATIONAL AND CURRENT

If personal accounts are managed in a foreign currency all documents such as invoices and credits will show the currency of the account.

When using the Foreign Payments module, you can use electronic payment processing for such personal accounts.

Similarly, general ledger accounts (currency accounts) can be settled in a foreign currency.

In order to create foreign currency documents (invoices / credit notes), you must specify rates with a validity date. Price lists and price agreements are always in the account currency.

In order to post correctly all rates have to be up to date in the system. When posting payments, price rate differences can be calculated and posted automatically.

Balance lists and open item lists can be printed for each currency that differs from the local currency.

Posting

If tacoss.eTRADE is used, orders in foreign currency can be recorded and transferred to Financial Accounting after the document has been created. When entering orders, the currency is automatically determined from the personal account. 

You can enter foreign currency amounts in the dialog programs invoicing and payments. The rates are automatically proposed but can be changed.

When payments are cleared, price differences are posted automatically.

The open items of the foreign currency accounts can be valued at any time. Price differences resulting from a valuation can be posted, usually as of the balance sheet date.

Each posting also shows the local currency, which results from the rate of exchange. 


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