Tax Currency Rates (tcmcs0108m100)

Use this session to maintain currency rates for tax currencies.

This session is available only when:

  • This field is enabled only if the Registration by Tax Country is set to Active in the Global Registration Parameters (tctax2100m000) session.
  • The Used for Tax Reporting check box is selected for the specific Exchange Rate Type in the Exchange Rate Types (tcmcs0140m000) session.

Field Information

Tax Currency

The tax reporting currency for a specific country.

You can define any currency as a tax currency. However, transactions for which the tax currency is the same as the home currency of the financial company, the tax currency rate is not considered and home currency is used.

Description

The description or name of the code.

Exchange Rate Type

The exchange-rate type used for tax reporting.

Note: You can only use the exchange-rate type for which the Used for Tax Reporting check box is selected in the Exchange Rate Types (tcmcs0140m000) session.
Description

The description or name of the code.

Currency

The currency in which the tax currency rates are expressed.

Express in Base Currency

The base currency in which the exchange-rate type is expressed.

Currency Rate

The currency exchange rate used for the tax reporting currency .

Rate Factor

The rate factor of the exchange-rate type.

Defined Rate

The result of the specified currency exchange rate and rate factor.

Effective Date

The date and time from when the currency exchange rate is valid. Each rate is valid until the effective date of the next currency exchange rate. When you enter a date, LN checks if invoicing or financial transaction with dates later than the specified effective date exists for the exchange rate type and currency. If yes, you cannot modify this value.

End Date

The date and time up to when the tax currency rate is effective. If this date is not specified, there is no expiry date for the rate.

Note: 
  • This field is applicable only for the exchange-rate type for which the Used for Tax Reporting check box is selected in the Exchange Rate Types (tcmcs0140m000) session.
  • This date cannot be earlier than the effective date.
  • When currency rates are approved, this date cannot be changed.
  • When Expiry Date is not specified, the tax currency is retrieved based on Effective Date and Approval Date. If specified, Expiry Date is also considered for tax retrieval.
Calculate Inverse Rate

Indicates if the inverse currency rates is used to calculate the exchange-rate type.

Automatically Approve Inverse Rates

Indicates if the inverse currency rates must be approved automatically.

Express in Base Currency

If this check box is selected, the tax currency rates are expressed in base currency.

Rate Approved

If this check box is selected, the specific tax currency rate is approved and can be used for tax reporting.

Approval Date

The date and time when the tax currency rate is approved.