Exchange Rates Subtask
Use this subtask to view exchange rate information. The data in this subtask is non-editable.
Exchange rates designate the price at which the currency of one country is traded for the currency of another country.
You can use this subtask to view exchange rates for non-Euro and Euro currencies. The Euro is the currency used in Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Non-Euro currencies represent the legal tender used in the remaining countries.
If you view exchange rates for any country that now uses the Euro, the labels (field names) in this subtask will vary. Euro currencies will be associated with the Func to Euro and Euro to Billing labels. The same fields, when associated with non-Euro currencies, will be labeled Func to Billing and N/A, respectively.
The system computes all of the information in this subtask using the billing currency and rate group associated with the invoice project on the Manage Project User Flow; the Billing Currency and Rate Group fields display on the Other Info tab of the Manage Project Billing Information screen.
Contents
| Field | Description |
|---|---|
| Billing Currency |
This non-editable field displays the billing currency code. The billing currency description displays in the adjacent, non-editable field. The billing currency code represents the billing currency for this invoice. You selected this code on the Manage Project User Flow screen; the Billing Currency field displays on the Other Info tab of the Manage Project Billing Information screen. |
| Rate Group |
This non-editable field displays the rate group code. The rate group description displays in the adjacent, non-editable field. You selected the rate group on the Manage Project User Flow screen; the Rate Group field displays on the Other Info tab of the Manage Project Billing Information screen. The rate group allows you to compare one currency to another. For example, the "Daily" rate group might display 10 records. One record might compare the U.S. Dollar (USD) to the Japanese Yen (JPY), another record might compare the Dutch Gilder (NLG) to the British Pound (GBP), and the eight remaining records might include various other currency comparisons. The rate groups you created establish a relationship between currencies. This relationship allows you to establish exchange rates in this subtask. |
Functional Currency to Billing Currency Exchange Rate Info
Use the fields in this group box to view the functional to billing currency exchange rate detail. The billing currency represents the currency specified on the invoice; the functional currency represents your company's primary or base currency.
| Field | Description |
|---|---|
| Rate Date |
This non-editable field displays the exchange rate date. The displayed date defaults from the Invoice Date field of the Calculate Standard Bills screen. |
| Rate |
This non-editable field displays the rate amount. If the functional and billing currencies are the same, this field displays "1.0000000." If the functional and billing currencies are different, the system calculates the rate using the parameters you established for records in the Multicurrency screens. |
| Func to Billing (Func to Euro) |
This non-editable field displays the functional to billing exchange rate. If the functional and billing currencies are the same, this field displays "1.0000000." If you calculate the exchange rate associated with a non-Euro currency, this field will be labeled Func to Billing. If you calculate exchange rates by date, this field displays an amount that defaults from the Rate Amount field of the Manage Exchange Rates by Date screen. If you calculate the exchange rate associated with a Euro currency, the system calculates the value in this field by dividing "1" by the value in the Euro-to-Currency Exchange Rate field of the Manage Currency Status screen. In this case, the currency displayed on the Manage Currency Status record should be consistent with the Euro currency in this screen. The field will be labeled Func to Euro. |
| N/A (Euro to Billing) |
This non-editable field displays "1.0000000" and will be labeled N/A if you calculate the exchange rate for a non-Euro currency. If you convert a Euro currency, you must have completed setup of the Manage Currency Status screen. In this case, this field will be labeled Euro to Billing. If, for example, you track exchange rates by date and convert a Euro currency, the data in this field defaults from the Euro-to-Currency Exchange Rate field of the Manage Currency Status screen. In this case, the currency displayed on the Currency Status record must be consistent with the Euro currency in this screen. |
| Freeze Rate |
If this check box is selected, Costpoint has halted any activity associated with the exchange rate information referenced in this subtask. This check box is selected if you selected the Freeze Multicurrency Rate check box on the Manage Project User Flow screen. The Freeze Multicurrency Rate check box is displayed on the Other Info tab of the Manage Project Billing Information screen. The suspension will occur after the invoice has posted. For example, if the Rate field displays ".2000000," as it relates to the Dutch Gilder (NLG) and U.S. Dollar (USD) functional to billing exchange rate, this value will not change as long as the Freeze Rate check box is selected. Although the actual, real-time rate may fluctuate, the data in this subtask will remain constant. In addition, if you selected the Freeze Multicurrency Rate check box on the Project User Flow, this transaction will be excluded when you execute the Update Open Accounts Receivable Exchange Rates process. The Update Open Accounts Receivable Exchange Rates process inserts the most current exchange rate into the history tables to allow the calculation of unrealized gains and losses. Since all of the fields in this subtask are non-editable, the functionality of this check box is disabled; you cannot use it to halt or suspend exchange rate activity. |
| OK |
Click this button to close or hide the subtask. |