NBP Exchange Rates

Polish Localization

NBP Exchange Rates

An advanced integration solution that automates the process of retrieving and updating NBP exchange rates in Oracle NetSuite, in compliance with Polish legal requirements. The system provides automatic synchronization with NBP rate tables, ensuring compliance with Article 30(2)(2) of the Accounting Act, while eliminating manual exchange rate updates. The Xelto solution supports companies in conducting business in accordance with Polish accounting regulations and optimizes financial and accounting processes.

Benefits of the Solution

By automating the NBP exchange rate update process, the Xelto solution ensures full compliance with Polish accounting law, eliminates errors associated with manual data entry, and optimizes financial and accounting processes in Oracle NetSuite.

Process automation:

Full automation of the exchange rate update process.

Secure automation:

Elimination of human errors when entering exchange rates

History and verification:

Access to historical rates and the ability to verify them

Low operational costs:

Lower operational costs from manual processing

Accurate currency valuation:

Reduced operational costs by eliminating manual processing

Efficient accounting:

Optimization of accounting process

Exchange Rate Archiving:

Automatic archiving of historical exchange rates

How Does the Solution Work?

The system uses NBP data to retrieve current exchange rates daily at a predefined time (10:30 PM CET). The integration mechanism operates as follows:

Establishes a secure connection to the NBP server

Retrieves the average exchange rate table

Automatically maps and updates exchange rates in the NetSuite system

Records the history of changes and enables verification

Supports manual entry of exchange rates for currencies not listed in the NBP table

Displays current exchange rates on a dedicated Currency Exchange Rates screen

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Legal basis

The functionality for updating NBP exchange rates addresses legal requirements based on Article 30(2)(2) of the Law on Accounting. According to these requirements, the exchange rate applicable on the date of invoicing should be the rate from the last working day preceding the invoice date, as announced by the NBP.