Currency conversion
Set custom currency rates and convert currencies of imported ERP data
Introduction
With currency conversion, you can transform ERP data imported in one currency into different currencies. This is particularly relevant for:
Users managing multiple entities with different base currencies who wish to model and report in a single unified currency.
Users who work with a base currency in their ERP system that differs from the one they prefer for modeling and reporting.
In either case, the method for specifying your preferred currency conversion remains the same.
Custom exchange rates
Currently, Francis supports inputting your own custom currency rate.
When you enable currency conversion on your connected data sources, it is important to note that if you do not specify a currency for a given month, Francis will assume a rate of 0, which will result in all actuals being zero for months without a specified exchange rate.
Defining your custom exchange rate
To convert accounting entries from your ERP, start by adding the data source Custom Exchange Rate. When adding a custom exchange rate, first define your currency cross, e.g., USD/EUR, and secondly, enter a monthly exchange rate to convert your accounting entries.
Applying your custom exchange rate
Once you've defined a custom exchange rate, you can apply it to your existing ERP connections. To apply the exchange rate, go to the settings of your ERP connection and toggle the option "Convert your base currency on import." Now, you can specify your desired Exchange Rate Source and Target Currency.
You'll be able to view both your Base and Target currency in the transactions drill down.
Once you've applied your custom exchange rate, all accounting entries are converted to your Target Currency upon import. Actuals figures in your models will now be showed in your Target currency.
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