Currency

• The currency exchange rate on the invoice is selected from the latest available exchange rate before the invoice issue date. The exchange rate converts invoice reporting amount to from the invoice currency (For example NOK) to the client currency (For example EUR)
  
  
• SEMINE searches for any given currency in the following order: (1) client level, (2) organization level, or (3) global level. SEMINE will utilize the first active currency rate it finds.

Definition

A currency in Semine consists of:

• An alpha-3 currency denominator: NOK, EUR, SEK etc.
• A currency exchange rate with up to 10 decimal spaces. 1.2345678901
• At least one start and end dateTime for the exchange rate.
  Historical currency exchange rates are stored with start DateTime on the server.
  The end dateTime is derived from the start dateTime of the next currency exchange rate for a given currency.

A currency exchange rate determine what an amount in one currency has to be multiplied with to get the same amount in another currency.

Invoice

• Invoice currency fields
  

  

  • Currency
    The original currency of the invoice. The user can select other currencies.
    
    
  • Exchange rate
    Invoice Total Amount multiplied by Exchange Rate equals Reporting Amount. The exchange rate is retrieved from the invoice currency and currency set on the client.
    
    
  • Reporting amount
    The invoice Total Amount multiplied by the Exchange Rate. Both the original Total Amount (in invoice currency) and the Reporting Amount (in client currency) is available on the invoice when it is returned to the ERP system.
    
    

Settings

• Base currency
  If the client has this currency code, the currency will be used.
  
  
• ISO code
  If the invoice has this currency code, the currency will be used.
  
  
• Exchange rate
  The factor that all invoice amounts will be multiplied with before display or export to ERP.
  
  
• Exchange rate units
  Some currencies may display the exchange rate per 100 units rather than 1 unit. For example: the exhange rates for SEK --> NOK is displayed as the factor to multiply SEK to get 100 NOK rather than 1 NOK.
  
  
• Valid from
  Will use the currency exchange rate with the earliest valid from date before the invoice issue date
  
  
• Last modified
  The last time the currency was updated even if there were no changes
  
  
• Active
  An inactive currency will not be available for use on the invoice.

Administration

• Client currency
  The currency used throughout the Semine client. This is not displayed on the invoice.
  Note: Only currencies where client currency is matching the base currency will be used.

In Semine, the value invoice currency is multiplied with the currency exchange rate to get the value in client currency or the value in reporting currency.  If the invoice currency is NOK and the client currency is NOK, the exchange rate is 1.0. If the invoice currency is SEK and the client currency is still NOK, the exchange rate could be 1.2.

10 SEK * 1.2 = 12 NOK. This means we have to pay 12 NOK to get 10 SEK. 

Exchange Rates

• Client exchange rates
  Can be synced from ERP
  
  
• Organization exchange rates
  Can be synced from ERP
  
  
• Global exchange rates
  Automatically synced from DNB every day at 10:00 UTC

Currencies may be synced from ERP through the API on 2 levels: Client and/or Organization. In addition, a global list of currencies is synced from DNB daily at 10:00 UTC. The rate in "Avregningskurs" is used.

If a currency invoice arrives (example Japanese Yen: JPY), Semine first searches for JPY exchange rates on client level, then on organization level and finally on the global level. This means exchange rates synced on the client or organization level is given priority and the global exchange rates are normally just used as a backup for other currencies not synced from ERP.