Actual exchange rates

Watch a video about currency management in Uniconta here. A detailed description of the content of the video is given on the bound of this article.   When trading in foreign currencies, it is useful to be able to enter amounts in foreign currency and have it automatically converted to the current exchange rate. This way you can easily keep track of what you have traded for in currency and standard currency. It's also easier to register payments in the current currency so that it corresponds to the invoice amount in the current currency rather than having to convert. Sales prices are often "skewed" when converted to foreign currencies. This problem is easily solved by setting the price of an item in foreign currency if you often sell goods abroad. This gives you nicely rounded prices on foreign currency invoices.

For more information:

• Currency accounting
• Buying and selling in currency
• Exchange rate differences

Currency codes and rates

Rates cannot be edited as they are updated automatically. Today's closing rate is saved every day if it has changed since the day before. If you post back in time, the exchange rate for the specified date is used. Uniconta updates exchange rates automatically based on the list from the European Central Bank. For setting up your own exchange rates. Read more here.

Either EUR or USD is used to convert across to the correct exchange rate. For example, there is no exchange rate like NOK/DKK, so first convert from NOK to EUR and then from EUR to DKK. In the case of the currency AED, USD is used as there is not a EUR/AED, but a USD/AED.

Example of conversion between e.g. AED and DKK

In an accounting journal, 100 AED is entered and converted to 171.55 DKK. This conversion is made so that the system: Under actual exchange rates, there is a rate between USD and AED. USD and AED d. 2/2 2016. 1 USD = 3.67 AED. The 100 AED is therefore first converted to USD (100/3.67). 100 AED = 27.24796 USD. USD is then converted to EUR, as there is no exchange rate between USD and DKK. USD and DKK. Under actual exchange rate there is an exchange rate between USD and EUR. USD and EUR on November 16, 2020 of 1 EUR = 1.183 USD. (27,24796/1,183). 27.24796 USD = 23.03293 EUR EUR is then converted to DKK. Under actual exchange rates there is an exchange rate between EUR and DKK. EUR and DKK on 16/11 20. 1 EUR = 7.448 DKK. (23,03293*7,448. 23.03293 EUR = 171.55 DKK

Default currency

Conversions are made in relation to the default currency selected when you created the accounts. You can find the default currency under Company/Company details.

Entries in default currency are shown as "-"  

Currency management video

Watch a video about currency management in Uniconta here. Content: Exchange rates are described from minute 0:00. Own rates from minute 3:00. Exchange rate adjustments from minute 5:30. Currency on account from minute 6:30. Currency on item from minute 9:00. Accounts payable and purchase invoices with currency from minute 12:30. Accounts receivable and sales invoices with currency from minute 15:00. Posting payments in currency from minute 17:30. Automatic exchange rate adjustments in a draft from minute 25:00. Bank imports in currency from minute 28:00. Currency adjustments on bank accounts from minute 35:00. Currency adjustments on debtors and creditors from minute 41:00.