Currencies

A currency is the money that your prices, orders and invoices use. Beelocity handles several currencies, for a business that buys or sells abroad.

Your base currency is the currency of your books. The owner of your organization sets it as Default currency on the organization’s page.

Currency Properties

Currencies follow the ISO 4217 standard, the international list of currency codes. Each currency has:

Why Decimal Places Matter

Currencies differ in how far they divide. The Algerian dinar has 2 decimals (centimes), and the Japanese yen has none. Beelocity rounds each line of a document to the decimals of its currency, and it shows amounts with them. The terminal always works with two decimals.

Exchange Rates

An exchange rate says what one unit of a foreign currency is worth in your base currency, from a given day. Beelocity uses it to convert a goods receipt, a payment or an import charge in a foreign currency. It does not convert a price list or a quotation.

Exchange Rate Properties

How Effective Dates Work

Each rate has an Effective date, so Beelocity keeps a history of your rates. To convert an amount, it takes the latest rate on or before the date of the movement:

• A movement dated today takes the latest rate that has started.
• A movement dated in the past takes the rate in force on that date, and not today’s rate.

A rate stays in force until the date of the next rate for this currency. The day that you enter a rate does not matter.

If no rate exists on or before the date, Beelocity refuses the movement and tells you to enter the rate. It never converts at 1.

Adding Exchange Rates

You can enter a rate with a future effective date. The current rate stays in force until that date.

For example, today’s EUR rate is 145.50, and you enter 147.00 from next Monday. A movement dated up to Sunday uses 145.50. A movement dated Monday or later uses 147.00.

Entering an exchange rate

1. Open Treasury → Setup and its Exchange rates tab. Or open a currency, then its Exchange rates tab. The form then opens on that currency.
2. Click New.
3. Pick the foreign currency in From. Beelocity fills in To with your base currency, because every rate converts into it.
4. Type the Rate that your bank gave. If 1 EUR buys 147.50 DA, the rate is 147.50.
5. Set the Effective date, the first day that the rate applies, and click Save.

A currency has one rate per day. If a day already has a rate, Beelocity refuses a second one, so correct that rate instead. The Treasurer role can enter and correct rates. The Foreign trade officer role can only enter a rate, such as the rate of the day that a dossier’s goods or charges need.

Managing Exchange Rates

• Add a new rate when the rate changes. Edit a rate only to fix a typing mistake.
• See the rate history, with all past rates and their effective dates. A currency’s tab searches by the other currency’s code or name. Its filter button narrows the history to one From or To currency, a Rate band, or an Effective date range (see Working with lists).
• Enter future rates by setting an effective date in the future.

Setting Up Currencies

The list of currencies is the same for every organization, and only Beelocity’s team can change it. So you see no New and no Edit on this page. To set up a currency, you enter its rates:

1. Open Treasury → Setup and its Currencies tab.
2. Check that the currency reads as Active.
3. Enter its exchange rates into your base currency (Entering an exchange rate).

If you need a currency that is not active, ask Beelocity’s team. Use Reporting a Problem and choose the kind Suggestion.

The Currencies page searches by code or name and sorts by any column. Its filter button narrows the list to the Active currencies, or to the inactive ones (see Working with lists).

Every page that asks for a currency offers the active currencies, and only those. Beside the dinar, the euro, the US dollar and the Chinese yuan are active for every organization, for the business that buys abroad. If a currency is turned off later, a record that already names it keeps it. Only Beelocity’s team can turn a currency on or off.

How Currencies Interact with Price Lists

Each price list has one currency. If you sell in several currencies, you can create one list for each:

• Retail DZD: prices in Algerian dinars for sales at home.
• Export EUR: prices in euros for European clients.
• Export USD: prices in US dollars for other clients abroad.

No screen can add a price to a list today, so these lists stay empty. A document reads a list only in its own currency. If a document is in another currency, it takes the product’s base price and converts nothing. So a dinar figure can land on a euro quotation, and you have to type the right price yourself. Exchange rates play no part in this.

Tips

• Check your base currency first. For most Algerian businesses, it is DZD. Enter rates for other currencies when you start to deal with partners abroad.
• Update your exchange rates regularly. A goods receipt or a payment takes the latest rate on or before its date, so an old rate gives wrong figures. Choose a rhythm: each week, each month, or when the rate moves a lot.
• Add a new rate when the rate changes. Do not edit the old rate, so that your rate history stays true.
• Every rate converts into your base currency. A EUR rate of 145.50 means that 1 EUR is worth 145.50 DA. Beelocity reads no other pair, so you enter no inverse rate.