Foreign Currency Contract Sales
- Lango: Language and translation manager
- Kalmová Silvia
- Lucie Sovova
Currency settings on the Financing Product
A detailed description of the fields is described in Product Management
On the "Currency and Calculation Parameters" tab of the Financing Product, there are settings for currencies and relevant templates.
The basic data is then transferred to the header of the contract.
Settings on Template
A detailed description of the fields is described in Product Management .
The currency is indicated on the bank account card.
Each currency is displayed in the Currencies table (Currency, 4).
On the contract tab, in the General tab (API Financing Contract Header,4026397), the system fills in the fields:
Currency Code (350, Code)
Contract Exchange Rate Date,4026680, Date
Contract Exchange Rate (4026685, Decimal)
From the Financing Contract Template, the system also transfers the General Bus-Posting Group (Gen. Bus. Posting Group ,300, Code).
When posting installments, the system takes the real exchange rate as of the date, according to the settings on the "currency card".
For invoicing, the system then uses the next lower exchange rate (in this example, as of 21.11.2022) using the hidden fields Currency Factor (33, Decimal) and VAT Currency Factor (CZL, 11774, Decimal).
As part of the check, it is possible to calculate the exchange rate used retrospectively and compare it with the exchange rate, in this example:
1 / 0.047619047619047619= 21.00 CZK/EUR
It is governed by the "bank code" in the header of the contract.
If the "Bank Code" in the contract header is filled in, it takes the "Currency Code" from the bank, not from the contract header, when posting payments.
If the "Bank Code" is empty, it takes the "Currency Code" from the contract header.
If the "Bank Code" on the contract is filled in and has a blank "Currency Code", it charges the payment in the local currency CZ, even though there is EUR in the contract header.
When using an individual sales invoice, currency factors are also used for foreign currency conversion.
When the value of the VAT Date field changes, the system prompts the user to confirm the update of the VAT exchange rate.
After confirming "Yes", the system will change the exchange rate (also the VAT currency factor, in this illustrative example when changing the VAT date to 01.11.2022 to 0.040741495212874313).
Similarly, reconciliation is required when the value of the Posting Date field changes, when the exchange rate is updated.