Areas in this article

• How to work with exchange rates
• Cross-Organizational Approval Authority and Currency Management
• Base currency in the Acubiz system
• Create new currency
• Calculate the active Exchange rate
• Delete a currency

How To Work with Exchange Rates

In Acubiz, exchange rates are updated on a daily or monthly basis, based on the current exchange rates from Den Danske Nationalbank.

• The following courses are automatically maintained in Acubiz:
  https://www.nationalbanken.dk/_vti_bin/DN/DataService.svc/CurrencyRatesXML?lang=en
  (This requires automatic maintenance of exchange rates to be activated in the individual Acubiz solution)

Cross-Organizational Approval Authority and Currency Management

Exchange rates are utilized to support cross-organizational approval authority (procura) within Acubiz solutions that span multiple countries and entities with different system currencies.

If an approver in one country needs to approve transactions for users in another, the approver's currency must be configured as an available currency (not necessarily the system currency) within the respective subsidiary's Acubiz system. This is a prerequisite for the system to correctly convert the approver's authorization limit.

Example: If a Danish manager needs to approve expenses for Swedish users, DKK must be added as an available currency in the Swedish system to allow the approval limit to be correctly converted into SEK.

Automatic vs. Manual Currency Updates

• Standard Currencies: Acubiz automatically handles currency conversion in countries where the system receives automated exchange rate updates (e.g., via the Danish National Bank).

• Other Currencies: If an Acubiz solution utilizes a currency that is not included in these automated updates, the currency must be created and updated manually in the system.

Consequences of Missing Currency Configuration

If the required currency is not configured, the system cannot perform the necessary currency conversion for the approval limit. Consequently, the user will encounter an error and will be unable to submit their expenses for approval.

Example of a Configuration Gap: In a global setup, an employee is based in the United Arab Emirates (currency: AED), while their approving manager is located in Finland (currency: EUR).

For the approval workflow to function, EUR must be added as a supported currency in the UAE Acubiz solution. If EUR is missing, the system cannot convert the manager's approval limit from EUR to AED, preventing the employee from submitting their expense report.

Base Currency in the Acubiz System

Always check the Base currency of the Acubiz solution you are working in. Base currency indicated like this:

Create a New Currency

To create a new currency in Acubiz, do the following:

ADMIN -> ACCOUNTS -> CURRENCIES

Click ADD CURRENCY to create a currency that is not in the list.

Example for adding VND to an Acubiz solution with DKK as base currency

The following fields must be filled in:

ISO Currency: 
The currency code (ISO code)
(See a list of currency ISO codes - external link)

Calculate the Active Exchange Rate

See these example links for conversion rates:

• Exchange rate for 100VND in DKK (Base currency)
  https://www.xe.com/currencyconverter/convert/?Amount=100&From=VND&To=DKK
• Exchange rate for 100EUR in DKK (Base currency)
  https://www.xe.com/currencyconverter/convert/?Amount=100&From=EUR&To=DKK
• Exchange rate for 100DKK in EUR (Base currency)
• https://www.xe.com/currencyconverter/convert/?Amount=100&From=DKK&To=EUR

Delete a Currency

To delete a currency in Acubiz, do the following:

ADMIN -> ACCOUNT PLAN -> Currency (incl. Exchange rates)

Click on the currency you want to delete

Then click edit.

Click delete.