Learn about the customer specific exchange rate functionality and how to configure it
Overview
The customer exchange rate functionality allows a customer billing to always be processed in the chosen currency, regardless of the currency of the price being applied, as well as making it possible to specify which exchange rate should be applied.
The same conversion will also be used for billing and reporting purposes.
Configuration
System level
This functionality can be enabled in the system from Administrator > Web administrator > Configuration > Settings, using the “Enable customer specific exchange rate” option.
This toggle will enable the “Customer currency” field at the customer level, as well as show the relevant columns in the finance-related pages of the system.
Customer level
Once the setting is enabled at the system level, a new dedicated field will be available within the customer profile: Currency for invoicing
Using this dropdown menu, a currency to apply for this customer can be selected.
Once a currency has been selected, either from the icon next to the field or from the “Customer exchange rate” button at the bottom, it's possible to access the list of exchange rates being used for that customer.
Adding exchange rates to a customer
After opening the currency exchange rates for customer popup, the following steps are required to add a new exchange rate:
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Select which currency to convert from
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Select the date from which this exchange rate should be applied
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Click on “Add new currency exchange rate”
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Populate the “Purchase” and “Sale” fields.
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If the difference is not relevant, both fields can be populated with the same value.
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A unique currency and value date combination is required to be able to add an exchange rate.
When applying an exchange rate, the most recent one will always be used.
In finance related pages
Pricing
If the customer specific exchange rate functionality is enabled, a few columns will be added to pages with revenue related information such as Order info > Pricing, under the “Pricing in customer specific currency” header.
These columns are:
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Customer billing currency
Displays the currency selected for the customer the line refers to
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Customer billing currency exchange rate
Displays the exchange rate applied to the line
If the price’s and the customer’s currency is the same, the customer billing currency exchange rate will be “1” (no conversion)
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Total for billing in customer currency
Displays the converted amount into the customer currency using the provided exchange rate
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Total billed in customer currency
Displays the amount added to billing statements, after conversion into the customer currency
When a customer has a customer specific exchange rate, all billing is performed in that currency, after conversion is done using the provided exchange rate.
The “Pricing in customer specific currency” columns are also available in the Customer billing statement generator (1), and, when multiple items are selected, the total at the bottom (2) will also display the amount converted into the customer currency.
Billing statements created for customers with customer specific exchange rates are grouped even if the original pricing is in multiple different currencies, because the billing is performed in the customer currency only.
This will be visually indicated in the billing statement through the “Total billed in customer currency” and “Customer billing currency” columns.
If a billing statement has more than one currency, the “Total billed” and “Currency” columns cannot be populated.
The “Total billed in customer currency” and “Customer billing currency” columns need to be used instead.
Orders which use a customer specific exchange rate will apply it for reporting purposes as well, in pages such as the Manager > Reports > Profit and loss report.
This means that orders which use a customer exchange rate undergo two conversions:
The original conversion into the customer currency, using the provided exchange rate
A conversion for reporting purposes into the system currency, using the system exchange rate
