Maintenance > Currencies and exchange rates

Currency tables can be maintained via Maintenance > Financial > Currency.

The Currency tab shows a list of available currencies. When a currency is not available, it can be added by Millogic only. Please contact the Millogic helpdesk.

Currency rates can be downloaded on daily basis. See the description Settings tab.

Downloaded rates are always and only stored in table 0.

Currency rates can be imported with the import function as well.

Currency rates used as default during creating journals:

Per daybook a rate table can be chosen. During creating journals the rate is determined in this rate table.

Mill7 will compute a cross rate for journals in an other currency then the reference currency.

Rates tab

Rates are entered with a reference currency and table number. By changing the reference currency or the table number different rates can be entered.

In the left column the dates are shown for which currency rates exist.

By selecting a date the corresponding rates are shown.

Table no.

In Mill7 several rate tables can be created.

The default table, which also is used for downloading rates, is table 0 (zero).

With this button a new table is created as an exact copy from an existing table.

With this button a table can be removed.

With this button a new table can be created.

Reference currency

This is the currency on which the shown rates are based.

It is possible to use several reference currencies in one table.

With F4 a list will pop up with currency code, currency name and country. By default only used reference currencies are shown.

A new reference currency can be created by unchecking the box for showing the used currencies, selecting a currency and then adding a date.

When a reference currency is present in table 0 it will automatically be updated when downloading rates provided that the last rate date equals the last rate date of the EUR table.

A reference currency can be removed by deleting all its rate dates.

Display inverted rates

The exchange rates can also be entered inverted (1/rate).

Year filter

By default, all present rate dates are shown, but by selecting a year, the list will be limited to that year. On switching to another bookkeeping or book year, the filter will be cancelled.

Display dates in descending order

By default rates dates are presented in ascending order. By ticking the checkbox, the order will be reversed.

This button can be used to manually download the rates starting at an initial date.

The download button is only available for table 0.

When multiple reference currencies are found for table 0, the rates are updated for all reference currencies.

The download function uses the settings on the Settings tab.

Only rates of currencies selected in the Import column will be downloaded.

The download function retrieves rates starting from a given initial date.

This allows for adding dates that are missing in the rate table.

Individual rates of currencies that have not been available previously or had not been activated for import in Mill7 are also downloaded.

Rates of existing dates can be replaced by deleting these dates first and then downloading them again after entering the right initial date.

At the end, a report will be presented showing the downloading results of that day.

The report can also be opened using the Open log file button on the Settings tab.

For every currency rate downloaded, the source will be mentioned in the rate table.

With this button, a range of dates can be deleted.

A new date can be added to the table. Only currencies which are set active on the currency tab are included.

Rates which are already existing for this date are not changed.

New currencies are added with rate 1.0000. When an old rate is found then that rate will be used.

Currency tab

The Currency tab shows a list of available currencies.

When a new date is added, only the activated currencies will be added into the rates list.

The download will look at currencies selected in the column import to get rates for.

Replaced currency codes

For several currency codes, the code is replaced and rates are only provided for the new code.

In Mill7, the old code can still be used, even for the downloading of exchange rates.

When Import is activated in the currencies table for the old code as well as the new code, Mill7 will copy the rate of the new code to the old code when rates are downloaded.

This works for:

–ANG which is replaced by XCG

–RUR which is replaced by RUB

–ROL which is replaced by RON

–TRL which is replaced by TRY

–VEF which is replaced by VES

Adding a currency to a table

Contact the Millogic helpdesk when a currency is not in the list of available currencies.

Settings tab

This tab contains the settings for the downloading of exchange rates.

Fixed rate USD

Enter the fixed rate for the ANG, AWG and XCG currencies.

The fixed rate will be applied in table 0 for the reference currencies EUR and USD.

When set to 0, the fixed rate will not be applied. Instead, if available, the rates supplied by the selected provider(s) will be used.

Note: For this function, table 0 needs to contain rates under reference currency USD.

Source import rates

The following options are available.

–ECB

–ECB completed by National Bank of Italy

With the last option, rates are primarily downloaded at the ECB. Rates for currencies not supported by the ECB, will be taken from the National Bank of Italy in a second stage. Rates that are supported by the ECB, but due to circumstances cannot be downloaded, will not be taken from the National Bank of Italy afterwards. Rates for the Russian Ruble (RUB) and the Iranian Rial (IRR) are obtained from the Central Bank of Armenia as long as the ECB en the National Bank of Italy do not provide them.

Two providers are used. For ECB it is www.ecb.europa.eu and for the other banks it is api.frankfurter.dev.

Automatic download rates

When this option is set, the rates will be downloaded automatically daily when the first user logs in.

If the download process was not successful, the automatic download will restart when the next user logs in .

The rates will be adjusted from the last date in table 0 until the last date available at the chosen source.

At the end, a report will be presented showing the downloading results.

Open log file

With this button the currently available downloading report will be presented. This report shows the results of the last day on which the downloading of rates took place.

Large rate changes

There will be a message when after downloading rates, both through the button and automatically, a rate difference of more than 10% is found.