System Data Currency Conversions
The Currency Conversions screen contains a list of currency conversion factors. It should be set up to convert from pounds sterling to all the currencies that may be used and Khaos Control will automatically calculate the inverse rate, for example:
|Pound Sterling||US Dollar||1.9712||28/02/2015|
|Pound Sterling||US Dollar||1.961||31/03/2015|
|Pound Sterling||US Dollar||1.9596||30/04/2015|
|Pound Sterling||US Dollar||2.0056||31/05/2015|
Note: Relevant rates of exchange to be used when any foreign currency amount has to be converted to sterling in the determination of the value for customs and VAT purposes are normally issued on a monthly basis (a weekly addendum is issued should any changes occur within the current period), please see the Government Customs and Excise website for more information.
Currency Conversions Grid
- From: the currency being converted from, normally Pounds Sterling as per example above.
- To: the currency being converted to, for example US Dollar, Euro etc.
- Factor: the exchange rate to be used.
- Valid Until: the expiry date to be used with the rate set.
Note: the line will be highlighted in red if a new exchange rate is entered, for example when posting a purchase invoice for a non-sterling supplier, and the Valid Until date overlaps.
- Result: what the result of the exchange rate is.
Currency Conversions Context Menu
- Get Live Exchange Rates: when in Edit mode, the system will update exchange rates to current live values. This information is drawn from a variety of sources to ensure stable and accurate values.
- Apply Value Range: allows the user to specify a value that is to be applied to all of the currently selected rows/items for the current column.
- Clear Selection: deselects the currently selected line(s).
Incompatible Conversion Rates
Users are not able to enter currency conversion rates that are:
- Repeated and have the same expiry dates for example 09/07/11 and another 09/07/11.
- Incompatible and don't reflect the opposite currency rate, e.g. Pound Sterling & Chinese Yuan/Chinese Yuan & Pound Sterling.
- Have the same currency used in conversion, which has a factor greater than 1 e.g. Pound Sterling & Pound Sterling.
If an incompatible rate is entered the grid colour will indicate the type of error and the user will not be able to save the changes until they have corrected any mistakes.