Managing Currencies and Exchange Rates in Acubiz

This article guides you through how to manage currencies and exchange rates in Acubiz. Proper currency setup ensures accurate accounting of expenses and supports the approval workflow across borders.

How Exchange Rates Work in Acubiz
Cross-Organizational Approval Authority and Currency Management
System Currency
Add a New Currency
Calculation and Entry of Active Exchange Rate
Delete a Currency

How Exchange Rates Work in Acubiz

In Acubiz, exchange rates are updated by default on a daily or monthly basis. Rates are automatically retrieved via Danmarks Nationalbank's DataService, provided that automatic rate updating is enabled in your Acubiz solution.

Note: Exchange rates are used exclusively for cash expenses made in a currency other than the system currency, so the transaction can be converted and posted correctly.

Cross-Organizational Approval Authority and Currency Management

When an Acubiz solution spans multiple countries and companies with different currencies, exchange rates are used to convert managers' approval limits (approval amounts).

If a manager in one country needs to approve expenses for users in another country, the manager's currency must be set up as an available currency in the subsidiary's Acubiz system. It is not required that it be the company's system currency, but it must exist in the system for the approval limit to be converted correctly.

Example (Scandinavia): If a Danish manager (DKK) must approve expenses for Swedish employees (SEK), DKK must be set up as an available currency in the Swedish system. This allows the approval limit to be converted correctly to SEK.

Automatic vs. Manual Currency Updates

Standard currencies: Acubiz automatically handles currency conversion for common currencies supported by the National Bank's automatic exchange rate feed.
Other currencies: If your solution uses a currency not supported by the automatic feed, the currency must be created and updated manually.

Consequences of Missing Currency Setup

If a necessary currency is missing from the system, Acubiz cannot convert the approval limit. This will result in an error message for the employee, who will be prevented from submitting their expense report for approval.

Example of conflict: An employee belongs to the company in the United Arab Emirates (AED), and the approving manager is located in the company in Finland (EUR).
For the expense report to be submitted, EUR must be set up in the Emirati Acubiz solution. If EUR is missing, the system cannot convert the manager's approval limit from EUR to AED.

System Currency

Always check the system currency for the specific Acubiz solution you are working in. The system currency is the primary currency the company accounts in, and it appears at the top of the currency overview.

Add a New Currency

If you need to add a currency that is not listed in the system's standard list, do so via the following path:

Go to ADMIN --> CHART OF ACCOUNTS --> Currency (including rates).
Click the CREATE EXCHANGE RATE button.
Fill in the following fields:
- ISO code: Enter the official ISO code of the currency (e.g., VND for Vietnamese dong or USD for U.S. dollars).
- Active exchange rate: Specify the rate based on 100 units of the foreign currency converted to the company's system currency (see calculation below).