Invoicing in Local Currency (Transaction Currency)

interworks.cloud platform supports to bill your customers in their local currency by generating their invoice in this currency using the exchange rate you have defined. This is accomplished by defining two currencies per customer: the account base currency, which is the primary currency, and the transaction currency that is used for converting all invoices from the account base currency to the transaction currency using the exchange rate you have defined between these two currencies. When you define for a customer a transaction currency different than his base currency, the system keeps all invoices in both currencies. 

The system uses the base currency for:

• Calculating customer's balance. All financial entities (debit invoices, credit invoices, payments and refunds) are kept in base currency and are used for the calculation of customer's balance
• Calculating customer's financial info like available credit, overdue payments, annual subscriptions amount, lifetime subscriptions amount and monthly run rate.
• Displaying product prices in the Marketplace. The prices in the Marketplace are always displayed in account's currency
• Subscriptions amount. All customer subscriptions are kept in base currency.
• Customer's offers and orders. 

The system uses the transaction currency for:

• Converting all customer invoices to his transaction currency using the exchange rate on invoice date.
• Accepting credit card payments. The amount that must be charged to customer's credit card is converting to transaction currency and this amount is sent to payment gateway. 

Your resellers and direct customers will be able to view their invoices in both currencies in your Marketplace.