Exchange rates (Administration)

On this page you can add or edit different exchange rates.

Adding or editing Exchange Rates:

Exchange rates can be added, edited, or deleted in the Exchange Rates page.

Providing User Role access to the Exchange Rates page:

To access the exchange rates page, a user is required have a roles authorized on Exchange Rates entity.
In the example below, users with roles ACC, ADMIN, are able to interact with this page.

FBO One follows the following rules for currency conversions and booking converted amounts into accounting systems.

  1. The exchange rate is looked up based on the local time at the FBO.
  2. The exchange rate for the Amount Due is looked up based on the current time, or if available, the invoice date.
  3. The exchange rate for any payments that are already taken is based on the local time of that the payment was taken. This applies to Cash and Credit card payments. Payments by fuel cards (carnets) are considered 'still to be received' and use the same conversion date as the amount due.
  4. When only one conversion rate is defined, FBO One applies the inverse exchange rate formula (1/rate) to determine the other one:
      1. eg: EUR to USD is defined: 1.336; FBO One computes USD to EUR as: 1/1.336.  

Things to be aware of when managing exchange rates:

  • Try to enter exchange rates that start on 'tomorrow' instead of 'today' or a day in the past. So, on June 30, enter the exchange rates for the month of July. Prevent doing this on July 1 or July 2. If you do enter the exchange in the past, it will affect any orders, payments and revenue reports that have been taken in the period for which there is now a new rate.
    • For example, an order is paid on particular day in a foreign currency but invoiced in the local currency. If later in that day someone enters a new exchange rate in FBO One that starts on this day, FBO One will re-convert the payment using the new rate, and this will likely introduce an amount due for the order.
  • Try to specify one conversion rate between the two currencies and let FBO One to compute the inverse rate. Otherwise differences between conversions might occur:
    • For example, suppose you specify EUR to USD: 1.28; and USD to EUR: 0.78. 
      The order default currency is USD and has an amount due of 100 USD.
      The client wants to pay in EUR: so it will pay 0.78 * 100 = 78 EUR according to the exchange rate 
      FBO One recalculates the order after payment in USD and determine if there is any amount due. The amount due is always calculated in the order currency (in this case USD with the specifie rate)
      • Grand total: 100 USD
      • Already paid: 78 EUR (78 * 1.28 = 99.84 USD) because it will apply the EUR to USD rate !
      • Amount due: 0.16 USD

        The difference occurs because the exchange rate 0.78 is not exactly the inverse of 1.28 EUR to USD. See this scenario from 'Conversion difference problem.xls'
  • Exchange rates can be printed on pdf reports (Handling Order report.pdf, Invoice report.pdf) formatted to have a maximum of 6 decimals:
    • ~ExchageRateTextValueFromChargedToBookingCurrency~  will print the exchange rate between the Order Currency (USD) and the Default Booking Currency (EUR).
      • eg: USD to EUR: 0.78125

See also

.xls attachments showing how the rates are applied in FBO One