Maintenance > Currencies and exchange rates

Currency tables can be maintained via menu Maintenance> Financial> Currency.

The tabpage Currency shows a list of available currencies. When a currency is not available, it can be added by Millogic only. Please contact the Millogic helpdesk.

Rates can be downloaded on daily basis. See the description Settings tab.

Downloaded rates are always and only stored in table 0.

Rates can be imported as well using the import function.

Rates used as default during creating journals:

Per daybook a rate table can be chosen. During creating journals the rate is determined in this rate table.

Mill7 will compute a cross rate for journals in an other currency then the reference currency.

Tabpage Rates

Rates are entered with a reference currency and table number. By changing the reference currency or the table number different rates can be entered.

In the left column the dates are shown for which currency rates exist.

By selecting a date the corresponding rates are shown.

Table no.

In Mill7 several rate tables can be created.

The default table, which also is used for downloading rates, is table 0 (zero).

With this button a new table is created as an exact copy from an existing table.

With this button a table can be removed.

With this button a new table can be created.

Reference currency

This is the currency on which the shown rates are based.

It is possible to use several reference currencies in one table.

With F4 a list will pop up with currency code, currency name and country. By default only used reference currencies are shown.

A new reference currency can be created by unchecking the box for showing the used currencies, selecting a currency and then adding a date.

When a reference currency is present in table 0 it will automatically be updated when downloading rates provided that the last rate date equals the last rate date of the EUR table.

A reference currency can be removed by deleting all its rate dates.

Display inverted rates

The exchange rates can also be entered inverted (1/rate).

Year filter

By default, all present rate dates are shown, but by selecting a year, the list will be limited to that year. On switching to another bookkeeping or book year, the filter will be cancelled.

Display dates in descending order

By default rates dates are presented in ascending order. By ticking the checkbox, the order will be reversed.

This button can be used to manually download the rates starting at an initial date.

The download button is only available for table 0.

When multiple reference currencies are found for table 0, the rates are updated for all reference currencies.

The download uses the settings in tabpage Settings.

Only rates of currencies selected in the column import will be downloaded.

The download function retrieves rates starting from a given initial date.

This allows for adding dates that are missing in the rate table.

Individual rates of currencies that have not been available previously or had not been activated for import in Mill7 are also downloaded.

Rates of existing dates can be replaced by deleting these dates first and then downloading them again after entering the right initial date.

At the end a report will be presented showing the downloading results of that day.

The report can also be opened using the Open log file button at tabpage Settings.

For every currency rate downloaded the source will be mentioned in the rate table.

With this button a range of dates can be deleted.

A new date can be added to the table. Only currencies which are set active on the currency tab are included.

Rates which are already exists for this date are not changed.

New currencies are added with rate 1,0000. When an old rate is found then that rate will be used.

Tabpage Currency

The tabpage Currency shows a list of available currencies.

When a new date is added only the activated currencies will be copied into the Rates tab.

The download will look at currencies selected in the column import to get rates for.

Replaced currency codes

For several currency codes the code is replaced and rates are only given for the new code.

In Mill7 the old code can still be used.

When in the settings the old code is 'active' and the new code is set for 'import' Mill7 will copy the rate of the new code also for the old code during automatic download rates.

This works for:

–RUR which is replaced by RUB

–ROL which is replaced by RON

–TRL which is replaced by TRY

–VEF which is replaced by VES

Adding a currency to a table

Contact the Millogic helpdesk when a currency is not in the list of available currencies.

Tabpage Settings

This tabpage contains the settings for (automatic) downloading rates.

Fixed rate ANG/USD

Enter here the fixed rate for ANG / USD. This is only for users in Curacao.

Note: There must be a reference currency USD when a fixed rate for ANG / USD is used.

Source import rates

There are three options:

–www.ecb.europa.eu (previously DNB)

–www.ecb.europa.eu

–Exchange-rates.org

–ECB completed by Exchange-rates.org

With the last option rates are primarily downloaded at the ECB. Rates for currencies not supported by the ECB will be downloaded at Exchange-rates.org in a second stage. Rates with a date more recent than the last the ECB rate date will not be downloaded at Exchange-rates.org. Rates that are supported by the ECB, but due to circumstances cannot be downloaded, will not be downloaded from Exchange-rates.org afterwards.

Automatic download rates

When this option is set the rates will be downloaded automatically daily when the first user logs in.

If the download process was not successful the automatic download will restart when the next user logs in .

The rates will be adjusted from the last date in table 0 until the last date available at the chosen source.

At the end a report will be presented showing the downloading results.

Open log file

With this button the currently available downloading report will be presented. This report shows the results of the last day on which the downloading of rates took place.

Margin differences

There will be a message when after downloading rates, both through the button and automatically, a rate difference of more than 10% is found.