Exchange Rates

Exchange rates are used to define the exchange rates between 2 currencies at a particular point in time. For example, if you want to convert Great British Pounds (GBP) into Euros (EUR) or vice versa. Exchange rate values are in constant fluctuation but for the purposes of FastTrack360, exchange rates can only be applied on a daily basis.

Exchange rates in FastTrack360 are used in the following places:

• Pay batch process - to convert payees' net pay to a preferred currency to pay into a foreign account.

• Timesheet reimbursements - to convert expenses incurred in a different country to the payee's base currency.

• Invoice Batch Creation - to convert invoice values to the debtor's preferred currency.

• Manage Invoices/Credit notes - to convert manually entered invoices/credit notes to the debtor's preferred currency.

• Credit/Re-bill - to convert the credit and re-bill values into the debtor's preferred currency.