Currencies

Learn how to setup currencies when the parties have different LCY

3 minute read

Companies with different LCY

Normally, transactions in local currency (LCY) do not have a currency code.
When companies exchange data and have different local currencies, the system applies conversion rules to get the correct currency.

Example
Sending company LCY: EUR
Receiving company LCY: GBP

In this scenario, the blank currency code must be converted to the sending company’s currency code. To support this, correct configuration is required in:

Party
Topic
Subscription

This is how it works

Currency code is blank

If the currency code in the Subscription message is blank: The system uses the currency code from the sending company’s Party setup.

Example:
Subscription message: Currency code = blank
Sending company Party currency: EUR
Result: EUR is used

Currency code matches the sending company

If the currency code in the Subscription message matches the currency code in the sending company’s Party setup: The system uses the local currency from the receiving company’s General Ledger Setup.

Example:
Subscription message: EUR
Sending company Party currency: EUR
Receiving company LCY: GBP
Result: GBP is used

Setup

Party

Choose the 🔎 icon, enter Parties (IDM), and select the related link.
Add the currency code for the Party that is set in the company’s General Ledger Setup.

Note

If the Subscription has Mapping Type = Currency, the currency code field is required, even when both companies use the same local currency (LCY). In this case, enter the currency code manually. If the entered currency code matches the LCY code in General Ledger Setup, it will be approved, even if the currency code does not exist in the Currency table.

Topic

Choose the 🔎 icon, enter Topics (IDM), and select the related link.
Open the Topic tables.
Open the Job table.
Check that you have Invoice currency code and Timesheet currency code included in the Topic.

Subscription

Choose the 🔎 icon, enter Subscriptions (IDM), and select the related link.
Open the subscription for Project.
Open the the Job table.
Check that you have the fields Invoice currency code and Timesheet currency code in the Job table.
Set the Mapping type = Currency on these fields.
Open the Subscription for Time entries.
Open the External time entries table.
Set the Mapping type = Currency on the field Timesheet currency code.
Open the Subscription for Project ledger entries.
Open the Job ledger entry table.
Set the Mapping type = Currency on the field Currency code.

Note

If Mapping type = Currency the currency code in the Party is mandatory even if the companies have the same LCY. If the currency code is blank, the subscription will fail.