DATABASICS allows customers to maintain an unlimited number of currencies in the application. For Time currency can be maintained for Cost and Bill rate purposes, including supporting multi currency project cost accounting and Journal Entry postings. In addition to multi company / multi currency logic, for Expense DATABASICS also support converting transaction currencies to the appropriate accounting as well as reimbursement currencies according to customer requirements.
DATABASICS partners with Oanda to provide currency exchange rates for inter company accounting logic as well as supporting reimbursable expenses. Currency rates automatically applied are limited to those offered by our currency partner.
If a currency is not found in the application there are two steps to address this:
Apply an Exchange Rate - note: if you don’t add a currency rate the user will be able to enter one on the interface.
Some countries use a currency that is not their own as their official currency, below are a list of the most recently internationally recognized countries and their currencies:
South Sudan (Formed on July 9, 2011) - SSP South Sudanese Pound - this currency is not currently supported by Oanda
Kosovo (Formed on February 17, 2008) - EUR Euro - Kosovo is not part of the euro area commonly called the eurozone (EZ), but has unilaterally adopted the Euro as currency
Montenegro (Formed on June 2, 2006) - EUR Euro - Montenegro is not part of the euro area commonly called the eurozone (EZ), but has unilaterally adopted the Euro as currency
East Timor (Formed on May 20, 2002) USD US Dollar is the official currency. The country also issues centavo coins for use alongside United States dollar banknotes and coins, these are pegged with US Dollar
Palau (Formed on October 1, 1994) USD US Dollar is the official currency.
Eritrea (Formed on April 27, 1993) - ERN Eritrean Nakfa