Areas in this article

• How to work with exchange rates
• Cross-organizational power of attorney approval
• 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)

Note: Exchange rates are only used in connection with cash outlays, to convert purchases abroad (a currency other than the system currency*) to obtain correct accounting.

Cross-organizational power of attorney approval

The exchange rates are also used in connection with cross-organisational power of attorney approval in the same Acubiz system with several countries/companies where the system currencies are different. For example, if a Danish approver has to approve for Swedish users, it is required that the Swedish system has DKK as currency. This is used to convert the power of attorney limit for the approver into SEK.

Acubiz will handle this in the countries where Acubiz receives automatic currency updates. If an Acubiz system uses a currency that is not on this list from Danmarks Nationalbank, it is required that the currency be created and updated manually.

Example:

If a global/International Acubiz solution contains an Acubiz solution based in (eg). The United Arab Emirates (country currency AED), and an employee has an approver/manager in e.g. Finland (country currency EUR), then it is required that the United Arab Emirates Acubiz solution contains EUR as currency. Otherwise, Acubiz cannot convert the Finnish approver's power of attorney level into AED. The experience for the user will be that transactions cannot be sent for approval.

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 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)

Active Exchange rate
As the above example: 100 currency (VND) in system currency (DKK)

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.