Exchange Rates
Location:
It is possible to import exchange rates into the application either by reading them from an ASCII or an XML file, entering them manually, or by reading them in from the Basware Banking software. Exchange Rates screen, the exchange rates can be viewed, entered manually, and read into the application.
Entering an Exchange Rate
Exchange rates can be entered and read by different organizational levels. Entering and reading exchange rates is possible only if exchange rate fetching from Basware Banking has not been defined for the organizational level ( > Exchange Rates and Banking Days).
The default home currency, when entering currencies, is the home currency of the company or a group of companies. In entering a new exchange rate, the target currency, the date, and at least one of the quotation values should be input for the exchange rate (the default quotation type to be used can be defined in the company settings in Organization Structure).
- Indirect Quotation means that the exchange rate is given as a ratio of the domestic currency, for example, EUR 1 -> USD 1.475.
- Direct quotation means that the exchange rate is given in the opposite direction, as a ratio of the foreign currency, for example EUR0.714 -> USD 1.
- In Finland, exchange rates are usually reported using indirect quotation.
The Delete the rates button removes those exchange rates from the organizational level that have been collected on the screen before the deletion.
Reading Exchange Rates
Exchange rates can also be read directly, either from an ASCII or a XML formatted file. Before a file can be read, the interface to be used for reading exchange rates into the application should be defined separately. For more information on defining an interface, see Importing Basic Data into the Application.
When reading exchange rates from the interface, it is possible to define the currency to be used. The currency selected in the interface is used if no home currency is defined in the interface. If a home currency is also defined in the file to be read, the Home Currency selection of the file is used as the primary currency.
Other Precautions
In company settings () and in general settings (), you can define which quotation type is to be used primarily. If an exchange rate is not found with the reported quotation type, the system tries to retrieve the exchange rate with another quotation type.