About the Customer Euro Currency Conversion Utility
When you start the Customer Euro Currency Conversion Utility, the system performs these steps, in this order:
- Obtains the exchange rates needed for the conversion.
- Converts all customer monetary values on affected forms.
- Updates exchange rate and currency code fields on all
relevant forms using the new exchange rate from this conversion process
and the euro currency code. The following areas are affected:
- Customer Orders
- Letters of Credit
- A/R Posted Transactions
- Invoices, Debits, and Credit Memos
- Customer Contracts
- General Ledger/Accounting Journal
- RMAs
- If your base domestic currency is Part of Euro, select the Fixed Rate field on the A/R Posted Transactions, Customer Orders, and RMAs forms.
Conversion Notes
- The values for some fields are calculated from other fields (for example, Item Cost = Brokerage + Duty + Freight + Material). The system does not convert these fields directly. Instead, it recalculates them after their component fields' values are converted.
- The system converts unit of measure fields using the standard Unit of Measure Conversions process.
- Audit log information is not converted.
- Cumulative historical amounts in customer records (such as payments, purchases, and year-to-date discounts) are not converted, because they are stored in the domestic currency. The system converts this information when you convert your domestic currency to the euro.
- If you use an external financial system to handle accounts receivable (the Use External A/R System field is selected on the External Financial Interface Parameters form), the system cannot calculate customer posted balances, because all of the necessary data is not stored internally. In that case, this utility uses the posted balance information that is returned from the external financial system.
Exchange Rates
If your base currency is the euro, the system converts the amounts directly to euros using the euro exchange rate as defined on the Currency Rates form.
If your base currency is your domestic national currency, the system uses the triangulation conversion method, which first converts the transaction amounts to your domestic currency and then to the euro. The conversion to your domestic currency uses the exchange rate from each transaction record being converted (the exchange rate entered when the transaction was created). If the transaction record does not contain an exchange rate, the system uses the exchange rate from the Currency Rates form (for the currency previously used by that customer).