Currencies data (T)
Currency defines the valid currencies that are used by the Company. In Tax Engine, all transactions are processed in home currency regardless if the data sent from ERP is in foreign currency. Consequently, the Tax Engine will return the data to ERP in home currency.
The currencies that the Company trades in should be created in Tax Engine. Currency code must be according to ISO 4217 standards.
The Tax Engine rounds calculated amounts according to the rounding factor defined on a specific currency. The amounts are rounded to the nearest multiple of the rounding factor. For most currencies, a rounding factor of 0.01 is used. The system applies the rounding factor after performing the applicable tax calculations.