Onit Documentation

How Foreign Currencies are Handled in Unity

by Michael Nadeau Updated on

Here's a guide to how foreign currencies are handled in Unity:

How does Unity convert an invoice submitted in a foreign currency into the currency used in my Unity environment? 

Unity supports nearly every currency in the world identified by the ISO standard currency system. Our system uses the Open Exchange Rates API currency conversion data API to convert currency nightly.

At what point does Unity lock down the rate so that the amounts do not change (at the time of invoice submission, approval, etc.)?

Once the vendor submits an invoice, Unity stamps the invoice with the most recent nightly rate at the time of submission. The rate does not change after stamping.

Is there somewhere in Unity that the customer can see the exchange rate that was used to convert an invoice?

The exchange rate itself is not displayed. Compare the native-currency amount (e.g., Native Adjusted Total on the matter Invoices tab, or Native Billed Amount in reports) with the system-currency Billed Total to derive the rate.

Is there a way to change the currency conversion rate in Unity to a month-end average rate?

No. We only use daily rates, as described above.

What restrictions does Unity have on invoices and currency?

Only invoices submitted in US dollars can be adjusted manually or through automated rules.

 

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