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NBP exchange rates

By automating the process of updating NBP exchange rates, the Xelto solution ensures full compliance with Polish accounting law, eliminating errors associated with manual data entry and optimizing financial and accounting processes in the Oracle NetSuite system.

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Benefits of this solution

The Xelto solution ensures full compliance with Polish accounting law.

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Process automation: Full automation of the currency exchange rate update process

Exchange rate automation: Elimination of human error when entering exchange rates

History and verification of exchange rates: Access to course history and the ability to verify it

Lower operating costs: Reduction of operating costs associated with manual handling

Precise currency valuation: Minimizing the risk of errors in the valuation of currency transactions

Effective accounting: Optimization of the accounting process

Archiving exchange rates: Automatic archiving of exchange rate history

How does our solution work?

The system uses NBP data to automatically download current exchange rates at a fixed time (10:30 p.m. CET) every day. The key aspects of the integration mechanism are:

Secured connection

Connecting to the NBP server via a secure connection.

History of changes

Recording the history of changes and enabling their verification.

Table of average exchange rates

Downloading the table of average exchange rates.

Manually adding exchange rates from outside the NBP

Support for manually adding exchange rates for currencies not included in the NBP table.

Automatic exchange rate updates

Automatic mapping and updating of rates in the NetSuite system.

Current exchange rates

Displaying current exchange rates on a dedicated Currency Exchange Rates screen.

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Legal basis

The functionality for updating NBP exchange rates addresses legal requirements based on Article 30(2)(2) of the Law on Accounting. According to these requirements, the exchange rate applicable on the date of invoicing should be the rate from the last working day preceding the invoice date, as announced by the NBP.