Currencies

Currencies can be freely defined under Settings > Rate system > Currencies. Right-click on the folder and select New > Currency to enter a new currency.

Currencies that are in use anywhere in Vertec should not be deleted, but set to inactive (see above). If you try to delete a currency that still has connections, you receive an error message.

One of the currencies is defined as the key currency (via the button Set this currency as key currency, click on the desired currency). It makes sense that this is the currency in which you usually charge services.

The key currency is used to show common evaluations in one currency, for example in reports or in the Business Intelligence  module.

The conversion is done according to the indicated exchange rates. Therefore, if you want to use different currencies in Vertec at the same time, you need to define the relevant exchange rates:

The exchange rate describes the price of a key currency unit in currency. This means (see screenshot above): 1 CHF in key currency has the value of 0.96 euro. So, for EUR, the rate must be set as 0.96.

In Vertec, the currency is used in the following locations:

1. Rates table: Each rates table can be created for each currency individually.
2. Project type: A currency can be defined for the project type. This is applied as the currency for projects that are assigned to this type.
3. Project currency: Each project is assigned to a currency. When a project is assigned to a project type, the currency of the assigned project type is applied, but can be overridden on the project. The services, expenses and outlays entered for this project are charged in the project currency.
4. Creditor: Each creditor is assigned to a currency. The assigned outlays must also be entered in the relevant currency. Amounts on the creditors are converted to the project currency.
5. On the individual expenses and outlays, it is possible to override the entry currency. This is useful, for example, if something was purchased abroad or in another currency. This is not possible for services. Services are always entered in the project currency since the hours are entered for the services and not an amount.
   There are several attributes for expenses and outlays:

    

   • WertIntFW: entered value (internal value) (entry currency)
   • WertInt: internal value (project currency)
   • WertExt: external value (project currency)

   In addition, the user currency (defined for users) is taken into account for expenses:

   • WertIntBW: internal value (user currency)

   In general, for project entries (services, expenses, outlays): the normal values (WertInt,WertExt) are always in the project currency.

Most lists show the default setting WertInt or WertExt and are, therefore, in project currency. Consequently, lists that show entries from different projects are problematic.

If you want to show the lists uniformly in the key currency, the amounts have to be multiplied by the exchange rate. You can call up the exchange rate using the OCL expression kurs, for example:

total * kurs

on a list of invoices for a column with invoice totals. See also the article about list settings.

The resulting amount can be rounded to two decimal places with dbmTim.TwoDigitCurrencyRenderer (advanced list settings).

For the exchange rate multiplication, Vertec automatically takes the correct exchange rate for the date as follows:

• For invoices: The exchange rate in effect on the value date applies.
• For services: If the service is charged, the to date of the invoice is taken first. If no date is set, the date of the invoice is relevant (not the value date).
  For open services, the exchange rate is calculated based on the date of the service.

On lists of open services, it may be interesting to use  the current exchange rate instead of the date-adjusted exchange rate. In this case, the exchange rate attribute kurs cannot be used because it uses the service date.

In this case, the value can be calculated by recalculating the current exchange rate to the key currency back to the project currency. This is done as follows:

wertInt/(waehrung->oclastype(Waehrung).kurs)

for example, for the fee in a list of services.

Note: an exchange rate greater than 0 must be entered, otherwise this formula will divide by 0, which would result in an error message.

On the currency class Waehrung, there is an OCL operator kurs(datum), which enables you to query the currency rate per specific date.

The result of this operator is a Vertec currency exchange rate like with the exchange rate attribute of the currency.

• <Waehrung>.kurs: returns the current exchange rate of the currency for 1 unit of key currency
• <Waehrung>.kurs(encodeDate(2024,05,20)): returns the exchange rate of the currency for 1 unit of the key currency for 20.05.2024.

Reports such as accounting reports or other evaluations have to be adjusted, either because you simply want to print the currency abbreviations or you want to have amounts converted into the key currency.

What is often used in reports is the designation of the key currency. This can be obtained from any currency using

waehrung.leitwaehrung.asstring

The figures are automatically converted in the Business Intelligence module, depending on the currency indicated. The mechanisms described above for services also apply.

What happens when the key currency is changed in Vertec? The following list gives you an overview of this process:

• Rates tables: When you change the key currency, Vertec automatically calculates the exchange rate for the new key currency and conveniently enters it at the same time. Make sure that you have not entered exchange rates for different key currencies with the same date (for example, if you have already entered an exchange rate manually on the same day as you change the key currency). If so, you have to delete the manually entered exchange rate.
• Business Intelligence: The calculated measures are tied to a particular currency. If you change the key currency, the suggested default currency for new periods is simply a different one. Existing periods do not change, they retain their currency.
• Invoice reports: Everything here depends on the project currency; the key currency does not play a role.
• Lists, columns with currency expressions in Vertec: Expressions such as werttextLW continue to function without adjustments.
• Reports: There are Excel reports in which many service totals are output. These are converted into the key currency when the report is executed.
• Projects and project types: retain their currency even if the key currency is changed.