Currency

Functionality

If you register revenues and costs in different currencies, you need to keep track of the changes in Currency Exchange Rates. Business Central helps you manage and update the exchange rates manually or automatically and set up a currency exchange rate service.

If you register a Revenue line with an amount in a foreign or other currency the system will convert the Line Amount to the Line Amount (LCY) according to the Currency Exchange Rate.

Important

Do not create the local currency code both in the General Ledger Setup and in the Currencies page. This will create confusion between the blank currency and the LCY code in the currency table, and bank accounts, customers or vendors might accidentally be created, some with the blank currency and some with the LCY code.

(voyage) currency exchange rate

In the forwarding industry it is quite common to use a different exchange rate, in many cases determined for a voyage 7 days before arrival.

The (voyage) currency exchange rate can be registred from the following pages:

Voyage
Voyage Schedule
Voyage Call
Shipment

To manage the (voyage) currency exchange rate

On one of the mentioned pages, choose the currency exchange rate action. The Currency Exchange Rates page includes the following fields.

Field	Description
Carrier No.	This field allows you to manage the Currency Exchange Rate per Carrier.
Business Functionality	This field allows you to manage the Currency Exchange Rate per Customer.
Analytics & Reports	This field allows you to apply the Currency Exchange rate for Costs, Revenues or Both.
Set up	In this field you specify the Currency Factor (Currency Exchange Rate).
Original Exchange Rate	This field determines the Original Echange Rate, the value is copied from the Currency Echange Rate when you create the line.
Exchange Rate Adjustmant Factor	Specify the Exchange Rate Factor (Foreign currency to Local Currency), based on this value, the system will calculate the Currency Factor.

Invoice currency source

In freight forwarding, it's often necessary to record the Line amount in one currency while issuing the invoice in another. For instance, if the freight rate is in USD, the invoice might need to be issued in the customer's default currency registerd on the customer card, for example EUR.

You can manage the Invoice currency with the Invoice Currency Source field on the revenue line. The selected Invoice Currency Source determines the Invoice Currency field on the Revenue line.

Tip

Learn more about setting up the Invoice Currency Source field with Invoice currency condition.

To manually change the invoice currency field

If you need to change the Invoice currency for a shipment manually, you can change the Invoice Currency Source on the revenue line, you can choose from 3 different options:

Line, the currency on the Reveue line
Customer, the currency on the Customer card
Local Currency, the local currency as defined in General ledger setup

It is also possible to change the Invoice Currency field on the Revenue line manually, leave the Invoice Currency Source field blank.

Table of Contents