Currency Rates Screen

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About Currency Tables

Currency Codes Screen

Currency Rate Types Screen

Open Common Services > Currency > Currency Rates.

Use the controls in this field to select an existing currency table, or to create a new currency table. For more information, see About Currency Tables.

Enter a description of the purpose of the currency table (for example, "Converting at average rate"). You can enter up to 60 characters in this field.

Specify the method for selecting a currency exchange rate for a transaction or revaluation:

  • Earlier. If no rate has been entered for the date of the transaction, the system uses the rate for the most recent date before the transaction date.
  • Exact. The system uses the rate for the same date as the transaction date. (If no rate has been entered for the date of the transaction, you must enter one.)
  • Later. If no rate has been entered for the date of the transaction, the system uses the rate for the first date after the transaction date.

Note: After saving a currency table, you cannot change the date matching method for that currency table.

Specify the method to determine how the source-currency amount of a transaction is converted to its functional-currency equivalent:

  • Multiply. The transaction amount (source currency) is multiplied by the currency's exchange rate.
  • Divide. The transaction amount (source currency) is divided by the currency's exchange rate.

Note: After saving a currency table, you cannot change the rate operation for that currency table.

Specify the code that identifies a rate type for converting a source-currency amount to its functional-currency equivalent.

Enter the reference source where currency rates were obtained (for example, a newspaper). You can enter up to 60 characters in this field.

Specify the currency to which transaction amounts will be converted. You can specify the functional currency or another currency.

Specify the transaction currency to be converted.

Note: Once you save a rate, you cannot change the currency. To change an incorrect currency that you have saved, you must delete the rate, and then re-enter it with the correct currency.

Enter an exchange rate for converting transaction amounts in the source currency to functional-currency equivalents. You can enter only one rate per date.

Enter the date of an exchange rate.

Notes:
  • By default, the session date is displayed.
  • You cannot enter the same date twice.
  • Once you save a rate, you cannot change the date. To change an incorrect date that you have saved, you must delete the rate, and then re-enter it with the correct date.

Enter the maximum amount that the rate entered for a transaction can differ from the rate entered in the currency table. The spread is used to check that a reasonable rate has been entered.

Overview

Use the Currency Rates screen to create new currency tables, to enter and change exchange rates, and to delete outdated rates.

Note: Currency rates and currency tables are used in multicurrency companies only.