Adoption of the euro will have an impact on all IT systems that are linked to currency units. It will have a direct impact on IT-settings, but indirectly it covers also other areas, such as company bookkeeping and accounting. In addition, adoption of the euro will have an impact on the equipment processing financial data, such as cash register and sales terminals.
The following circumstances should be taken into account when adapting the accounting software and other accounting systems and invoicing systems.
• Annual accounts shall be prepared in the currency valid in Estonia at the end of the reporting period. Persons who are required to maintain accounting and whose financial year does not coincide with the calendar year will prepare the annual accounts in the currency that is valid as of the end of their financial year. The mandatory changeover to euro-based accounting will take place on the €-Day. All reports regarding periods ending on the €-Day or later shall be prepared in euros.
• In order to prevent mistakes while converting earlier data, the conversion of the same data must follow the same rules in all cases. In order to ensure comparability, the indicators of previous years, such as the company indicators for financial analysis, must be converted to euros.
• Systems of financial information often apply thresholds that activate specific activities within the system. In order to prevent unsolicited activities in the information system, the thresholds shall be recalculated in euros.
Checklist for IT systems
|• Can currency codes be unambiguously determined? What systems should be adopted?
• Can the present systems handle more than just one currency?
• Is it possible to make a complete replacement of kroons with euros, e.g., by changing the content of fields, or are additional fields required for the new currency?
• Will adoption of the euro have an impact on the hardware, e.g., cash registers and POS terminals?
• Are there any interfaces that link together various systems? Is it necessary to adopt euro simultaneously in all systems due to interconnection or can the systems be gradually adopted?
• If IT systems are connected to partners´ IT systems, will these be compatible after the euro changeover?
In order to find the answers, we recommend that you contact suppliers of IT systems or IT specialists, or credit institutions in case of payment systems. Business partners should be also consulted if necessary.