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Master data: Currencies

Invoice currencies are displayed in the Currency box during verification and approval. To change currencies during approval, you must have the privilege, Edit approval documents.  You can override the default values that appear in the Currency box with currencies of your own by uploading master data to the Admin Center. This is helpful, for example, if you want to limit the number of choices in the Currency box, or if you need additional currencies that are not available in the default set.

Creating master data in XML format requires knowledge of XML. Master data must adhere to an XML schema, which describes the structure the XML document you upload. Only the fields specified in the schema are allowed. You can omit some elements, but the order must remain the same. See the schema and example XML below for reference.

You use AP Essentials Connect to import master data in XML format.

Exchange rates

Exchange rate values are optional. Exchange rates are useful if you use approval hierarchies or workflow rules that are triggered by invoice amounts and you process invoices with different currencies. For example, assume you have rules that trigger workflows based on invoice amounts. Without exchange rates, Tungsten AP Essentials treats all currencies as your local currency, which can cause rules to be triggered incorrectly. By using exchange rates, however, Tungsten AP Essentials can determine the value of the amounts in your local currency and trigger the correct rule. When calculating invoice amounts in foreign currencies, Tungsten AP Essentials divides the foreign currency value by the exchange rate.

Set the exchange rate of your local currency to "1".

Calculating a foreign currency

Assume your local currency is Euros, and you receive an invoice in Swedish crowns with a total amount of 900 SEK. In this example, Swedish crowns have a conversion rate of 9.0688. To convert Swedish crowns to Euros, this formula is used: 

SEK total amount / SEK Exchange rate = EUR total amount
900 SEK / 9.0688 = 99.24 EUR

Therefore, 99.24 is used to evaluate approval hierarchies and workflow rules.

Currencies XML Schema

The supplier-bank schema is listed below for your convenience. For the most up-to-date and complete schema, refer to the API documentation. 

<xs:complexType name="Currencies">
    <xs:sequence>
      <xs:element minOccurs="0" maxOccurs="unbounded" name="Currency" nillable="true" type="Currency" />
    </xs:sequence>
  </xs:complexType>
  <xs:element name="Currencies" nillable="true" type="Currencies" />
  <xs:complexType name="Currency">
    <xs:sequence>
      <xs:element minOccurs="0" name="Code" nillable="true" type="xs:string" />
      <xs:element minOccurs="0" name="Name" nillable="true" type="xs:string" />
      <xs:element minOccurs="0" name="Active" type="xs:boolean" />
      <xs:element minOccurs="0" name="ExchangeRate" type="xs:decimal" />
    </xs:sequence>
  </xs:complexType>
  <xs:element name="Currency" nillable="true" type="Currency" />

All currencies are imported, regardless of whether the Active element is set to true or false.

Example

You can use the XML below as an example to create your own master data. 

<?xml version="1.0"?>
<Currencies xmlns:i="http://www.w3.org/2001/XMLSchema-instance">
<Currency>
<Code>EUR</Code>
<Name>Euro</Name>
<Active>true</Active>
<ExchangeRate>1</ExchangeRate>
</Currency>
<Currency>
<Code>USD</Code>
<Name>US Dollar</Name>
<Active>true</Active>
<ExchangeRate>1.3827</ExchangeRate>
</Currency>
<Currency>
<Code>SEK</Code>
<Name>Swedish Crown</Name>
<Active>true</Active>
<ExchangeRate>9.0688</ExchangeRate>
</Currency>
<Currency>
<Code>GBP</Code>
<Name>Great Britain Pound</Name>
<Active>true</Active>
<ExchangeRate>0.8246</ExchangeRate>
</Currency>
<Currency>
<Code>AUD</Code>
<Name>Australian Dollar</Name>
<Active>true</Active>
<ExchangeRate>1.49965</ExchangeRate>
</Currency>
</Currencies>
To ensure master data is synchronized on a regular basis, export master data from your ERP system and use automatic uploading, or update the master data using the API.