About the Vendor Euro Currency Conversion Utility

This topic describes the Vendor Euro Currency Conversion utilty and the steps to take when performing a conversion.

When you start the Vendor Euro Currency Conversion utility, the system performs these steps, in this order:

  • Obtains the exchange rates needed for the conversion (see Exchange Rates below).
  • Converts all vendor monetary values on affected system forms.
  • Updates exchange rate and currency code fields on all relevant forms with the new exchange rate from this conversion process and the Euro currency code. These areas are affected:
    • PO Requisitions
    • Purchase Order Header
    • Purchase Order Line Items
    • Purchase Order Landed Costs
    • Purchase Order Blanket Line/Releases
    • PO Change Order
    • Purchase Order Receiving
    • Landed Cost Receipts
    • Letters of Credit
    • A/P Posted Transactions
    • Vouchers
    • Recurring Vouchers
    • Vendor Contracts
    • General Ledger/Accounting Journal

Conversion Notes

  • The values for some fields are calculated from other fields (for example, Brokerage + Duty + Freight + Insurance + Local Freight + Material = Item Cost). The system does not convert these fields directly; instead, it recalculates them after their component fields' values are converted.
  • The system converts unit of measure fields using the standard Unit of Measure Conversions process.
  • Audit Log information is not converted.
  • Cumulative historical amounts in vendor records (such as Payments, Purchases, and Discounts YTD) are not converted because they are stored in the domestic currency. The system converts this information when you convert your domestic currency to the Euro.

Exchange Rates

If your base currency is the Euro, the system converts the amounts directly to Euros using the exchange rate for the domestic currency (defined on the Currency Rates form).

If your base currency is your domestic national currency, the system uses the triangulation conversion method, which first converts the transaction amounts to your domestic currency and then to the Euro. The conversion to your domestic currency uses the exchange rate from each transaction record being converted (the exchange rate entered when the transaction was created). If the transaction record does not contain an exchange rate, the system uses the exchange rate from the Currency Rates form (for the currency previously used by that vendor).

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