Slide 9 of 14
Notes:
Companies have called for a specification of “euro compliance” but that is not possible in the abstract; it depends on what a company needs. It is possible to define several broad categories of things that must be got right, and these are contained in standards such as the BASDA specification.
Here is a starting set I suggest that any business can ask for:
1) Use the fixed conversion rates and rounding as prescribed in regulation 1103/97
2) Maintain an audit trail of all conversion adjustments
3) Automatically convert and display the value in euro of any NCU value and the reverse.
4) Enter source data in either denomination
5) Enter and validate unit prices in either denomination (price list checking)
6) Enter and match payments in either denomination (transaction matching and clearing)
7) Make payments from bank accounts other than the default one for your general ledger.
8) Produce outputs such as invoices, payments and reports in either denomination
9) Compare data originating in either denomination
10) Ensure comparability of historical or trend data to the level of detail and for the length of time required for decision making
