Procountor fetches daily currency rates from all the currencies that have been quoted by the Finnish Customs. Currency rates can be examined within a chosen date or date period and also by one specific currency itself in the Browse currency rates -view. Currency rates are located in Management > Company info > Browse currency rates.
Procountor accounting exchange rate
You can convert currency transactions into the accounting currency using fixed rates specific to fiscal years. Using daily rates is unnecessary in practice, since the currency difference related to the purchase or sale includes the adjustment due to the fixed rate. The Procountor accounting rate is always determined at the beginning of the calendar year. The rate can be changed in the event of major fluctuations. The Basic company info assumes that currency conversions will be performed using the fixed Procountor accounting exchange rate. Using a fixed rate reduces the need for adjustments due to fluctuations in exchange rates and thus simplifies operations. In Basic company info, you can set currency conversions to use daily rates or the closing rate of the preceding calendar month.
Account currency average rate
The average rate is obtained from Nordea’s service for each quotation day.
Account currency buying rate
The buying rate is obtained from Nordea’s service for each quotation day. If you have specified the use of a rate other than the Procountor rate in Basic company info, the account currency buying rate will be used on sales invoices and journals.
Account currency selling rate
The selling rate is obtained from Nordea’s service for each quotation day. If you have specified the use of a rate other than the Procountor rate in Basic company info, the account currency selling rate will be used on purchase invoices and journals.
Cash buying rate
The cash buying rate is obtained from Nordea’s service for each quotation day.
Cash currency sale exchange rate
The selling rate is obtained from Nordea’s service for each quotation day. If you have specified the use of a rate other than the Procountor rate in Basic company info, the cash currency sale exchange rate will be used on travel and expense invoices.
Currency type -menu includes all the different types of currency rates mentioned above. In this menu, the desired currency type can be chosen.
Currency-menu includes different currencies. You can choose all currencies, the most common currencies (BGN, CAD, CHF, DKK, EEK, GBP, JPY, NOK, QAR, RUB, SEK and USD) or a specific currency.
Date-menu determines the searching date of the currencies. The date can be set as the present day or a day that has already passed. If only one currency is chosen, the search results include the 10 most recent quotations backwards from the chosen date. If Nordea doesn’t quote the account or cash currency rate for some currency, it has a currency of 0,000000 in Procountor. The most recent currency rate in Procountor is the rate from the previous day.
Using currency rates
The receipt currency’s exchange rate is determined according to the invoice’s creation date. When an invoice is saved in Procountor in a currency other than EUR, the exchange rate will be determined according to the method specified in Basic company info. The account value of the invoice will then be saved using this rate. The currency set in the invoice and the corresponding currency rate fetched by Procountor are shown in the Currency and rate -field in the Payment info -section on an invoice. The Currency rate -field can also be edited on the invoice itself.
When the currency of an invoice is some other currency than EUR, the invoice will be written out in the selected currency. However, the invoice amount is converted into euros when the invoice is examined in accounting or ledgers.
If an invoice in a currency other than euro has been saved in the program and that is paid as a currency payment, the program will send the payment data to the bank in the specified currency. The payment will be made using the current exchange rate offered by the bank, and the account will be debited by this amount. The transaction on the bank statement and accounting value of the invoice saved in the program can differ, since different calculation bases (such as variations in daily rates) have probably been used. This will create an exchange rate difference which must be adjusted during accounting.
The accounting currency used in Procountor is always EUR. When you generate accounting reports (e.g. the general ledger), the information on the report is always retrieved from the accounting page. If you generate the report in a different currency, the EUR figures in accounting will be converted into the chosen currency according to the exchange rate information. This means that the figures will not be converted for each individual invoice according to the exchange rate used on the receipt page.
On Bank statements
If you have a bank account which currency is other than EUR, be sure that you have determined the correct currency to the bank account in Bank account information -view. Then Procountor can convert the currency into Euros for reporting.