Currency rate calculation
One of the common questions from clients is how the exchange rate for different currencies is calculated. In our CRM system, the method for applying exchange rates follows a widely used international practice — the exchange rate from the previous business day is used for issuing invoices.
This approach ensures that all users receive a stable and confirmed exchange rate in a timely manner, regardless of the time currencies are officially published in different countries or time zones.
This method is compliant with IFRS requirements, which allow the use of either the transaction day's exchange rate or a systematically applied rate that is close to the transaction date, such as the previous day's rate. This ensures that a stable, confirmed, and simultaneously accessible exchange rate is always used across the system, as many central banks only publish official rates later during the day.
For example: if an invoice is issued on 2025-03-28, the exchange rate from 2025-03-27 will be applied. This practice is widely used in ERP, CRM, and other international systems.
If needed, you can use another rate (e.g., one published on the same day), the main thing is that the chosen method is consistently applied in your company's internal accounting policy.