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Companies that daily work with foreign Countries need not only to record documents in their currency, but also to calculate the equivalent amount in the base currency using a given fixing, which can be manually entered in every document or that can be suggested by the program. Furthermore in the process of collection or payment of payment schedule in foreign currency (partial closings included) the correct fixing must be applied in order to calculate the exchange rate difference to be posted in the financial statements.
A manual management of fixing involves the manual entry of fixing to be used in all documents and journal entries in foreign currency. The automatic management of fixing involves the setting of the daily fixing only within the base currency in the Currency table, and it allows the program to automatically suggest the fixing in all documents and journal entries in accordance with entered dates.
The Download fixings from the Web is a special procedure that allows you to download the fixing directly from the website of the Bank of Italy, of the European Central Bank or of some European national banks that provide this type of service (national banks of Poland, of Romania, of Bulgaria), and to update the fixing of used currencies for the selected day against the base currency.
With this system, you no longer have to worry about looking for fixing values to update the Currencies table, as now is the procedure to do it for you, even in total autonomy if you use the Scheduler to run it automatically.
For more details you can contact your dealer representative or consult our Microarea Help & Information Center.
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