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Introduction to the Currencies Value Pack

FirstOffice offers two Currency conversion methods in two separate Value Packs. You can use either of these methods exclusively, or you can use them in combination, depending on your requirements.
  1. The simple conversion from a foreign Currency to the home Currency, applicable to the majority of worldwide Currency transactions. This is part of the Currencies, Languages and Advanced Pricing Value Pack.

  2. The dual-base triangulation system, termed the "Dual-Base system" in these web pages. This is provided by the Dual Base Currency Value Pack. Users of this system fall into two categories:
    Voluntary
    The Dual-Base system will be useful for companies that have offices in two countries that need to report in both Currencies, for companies operating in countries where there is a second Currency (usually the US Dollar or Euro) in common use in addition to the national one, and for companies in the Euro zone who retain their old national Currency for comparison purposes.

    Transitional
    The Dual-Base system will also be useful in countries passing through the transitional process of replacing their home Currencies with the Euro. A requirement of this process is that all transactions should be expressible in both the home Currency and the Euro. Direct conversions from the home Currency to any foreign Currency except the Euro are not possible. Instead, the home Currency should first be converted to the Euro, and there should then be a second conversion to the foreign Currency.

    At the time of writing, there were no countries undergoing the transitional process, but future enlargement of the EU was imminent. Therefore, where the transitional process is illustrated in these web pages, historical data from a hypothetical company in Holland is used. In this company, the home Currency is NLG (Dutch Guilders) and foreign Currency sales are in FIM (Finnish Markka).
    The term "Euro zone" has been used in these web pages to refer to those countries that have completed the transitional process described above and now have the Euro as their main Currency. Companies in these countries should use the simple conversion system, unless they are retaining their old national Currency for comparison purposes. In this case they fall into the "voluntary" category described above.

    "Transitional" users should use the Dual-Base system exclusively, in order to comply with European Monetary Union (EMU) rules, w