If you want to bill and invoice internationally, currency conversions play an important role. Therefore, it is essential to always have the current conversion rates at hand.

They are used to value the foreign currency position in accounting and are necessary for the proper handling of currency fluctuations.

To use currency exchange rates in the Nitrobox Platform, select one of the two options:

• Provide your own currency exchange rates via API
• Use the daily currency exchange rates from the Nitrobox Platform. These rates are sourced from financial data providers and banks, including the European Central Bank.

Select your preferred exchange rate option

To provide your own exchange rates, you must first enable this function.

Navigate to: Global > Tenant Configuration > Tenant Overview

At the top of the overview page is the "Currency converter" section including a switch called "Provide your own exchange rates". Activate the switch to enable your own currency exchange rates. Now, you can provide the exchange rates via API.

If you disable the switch, you use the exchange rates provided by Nitrobox.

View the exchange rates

To view the exchange rates, navigate to: Accounting > Exchange Rates > Exchange Rates Overview

The overview page lists your base currency to which the exchange rates refer. Enter the date for which you want to see the exchange rates in the date field. Click the "Obtain exchange rates" button and the exchange rates will be listed for the date you selected.

Application of the latest available exchange rates

Regardless of which option you choose, the Nitrobox platform always applies the latest available exchange rates during the valuation process.

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Example:

When the Nitrobox system valuates a transaction originating from an earlier date, it will apply the foreign exchange rate from the day the transaction is processed.

• Transaction creation: June 15th, 2022
• Transaction processing: July 1st, 2022

Nitrobox will apply the foreign exchange rates from July 1st, 2022.