Glossary
ECB reference rate
Definition
The ECB reference rate is the exchange rate that the European Central Bank publishes each working day for major currencies. Sapita uses it to convert a foreign currency amount into euros, and it keeps the rate and the date with the amount.
Example. An invoice for US$1,000 converted at the ECB reference rate of the invoice date is recorded in euros with that rate and date.
Why it matters for your company
A foreign invoice must be booked in euros at a stated rate. Using the published daily rate keeps the books consistent and makes the figures easy to check.
Where you see it in Sapita
When you enter a foreign-currency invoice or payment, where the rate for that date is filled in for you.