How to perform tests of detail using evidence in a different currency with DataSnipper

Learn how to use Document Matching when dealing with multiple currencies. In this article, you will learn how you can match invoices with another currency to the general ledger data.

About Document Matching 

Document Matching lets you automatically match Excel data with supporting documents, like invoices, bank statements, and contracts. This AI-powered feature will find the correct text, date and/or number in a source document, and then automatically creates a reference to your sample data.

Different currencies

At some clients you can come across a situation where the general ledger is in a certain currency (f.e. euro) and the invoices are in a different currency (f.e. US dollar). In that case, there will not be a one-on-one match and therefore using document matching couldn’t be very straightforward. In this use case, we show you the options to still be able to use document matching even though you have different currencies.

Video tutorial

In this video, you will learn the options to use document matching when you are dealing with multiple currencies.

Example

Here you can download the workbook shown in the video including all of the sample data and documents.

ToD - FX rates example

Template

Here you can download a blank version of the workbook shown in the video to use or customize for your own procedures. 

ToD - FX rates template

Different options to perform the procedure

Option 1:      

Check whether your client has the amount in the foreign currency recorded in their general ledger. If they do, use that amount to run document matching.  

Option 2:      

Run document matching for other fields (f.e. invoice number, invoice date, supplier name, bank account number) and snip the amount manually. 

Option 3:

Recalculate the results in the foreign currency and then run document matching. Use the steps described below:

  1. Add an extra column to the input data



  2. Search up the average exchange rate
  3. Use the extra column to recalculate the foreign currency with the average exchange rate
  4. Go to the document matching panel. You might need to re-evaluate the input column for the amount and the matching options. For the matching options, enable the ‘Allow differences up to 1’ and adjust the threshold (considering there will always be changes due to the volatility of the FX rate).



  5. Run document matching & review results!



Sharing the file

  1. You can choose to exclude all documents before saving the workbook in your audit file, by selecting the include/exclude documents toggle.
  2. You have some options to delete specific documents, please click here to learn more.