Overview
Anrok performs automated foreign exchange (FX) conversions needed to track not only transactional currency but also convert sales into functional and return currency.
Currency conversion rates are sourced from openexchangerates.org, which consolidates foreign exchange (FX) rates based on multiple reliable sources, including the European Central Bank, government institutions, foreign exchange (FX) brokers, commercial data providers, and research organizations. Our FX rates in the app are the daily spot rates between currencies.
These are the locations in-app in which Anrok will complete foreign exchange (FX) conversions on the amounts displayed (expand to view examples):
The Dashboard pageForeign currency transactions are converted to your functional currency for aggregate reporting purposes. For example, in order to see your total sales in an aggregate chart, Anrok converts your sales into functional currency and indicates this alongside the data (see yellow box).
|
The Transactions pageCurrencies displayed on the transaction are the currency that the transaction was invoiced in.
|
The Reconciliation pageIn order to aggregate sales totals, foreign currency transactions are converted to your functional currency.
|
The Returns & payments pageCurrencies are converted to the tax return currency as required by the filing country. Within the return transaction list, foreign exchange rate details can be viewed on a per-transaction basis by hovering over the transaction amounts.
|
The Exposure monitoring pageForeign currency transactions are converted and displayed in the country’s filing currency.
|
Note
Anrok supports the majority of global currencies. Please contact us with any questions regarding specific currency support. You can click the 'Contact us' button on your Anrok instance to begin a conversation with our team.