Exchange Rates Subtask
Use this subtask to add, edit, and/or view exchange rate information for the selected IWO allocation record.
Refer to the Additional Information for the Exchange Rates topic for general information about the Exchange Rates subtasks that are found throughout the system.
After you enter or change data on the Exchange Rates subtask, you can use the Find Rates button to refresh the fields on this subtask and populate them with the new, recalculated data. You must click the Apply Rates button to update applicable fields in the header record and other subtasks displayed on the primary screen.
You must initialize the Configure Multicurrency Settings, Manage Exchange Rate Sources, Manage Exchange Rates by Date or Manage Exchange Rates by Period, Manage Exchange Rate Groups, and the Manage Currency Status screens before you enter data on this subtask.
If the sending and receiving companies' functional currencies are the same but different from the IWO currency, and you do not change the exchange rate, rate group, and/or rate date on this subtask, no currency translation will take place. The Functional Receiving Amount is set equal to the Sending Amount. This is applicable to both internal and external IWO transfers. In that case, the exchange rate information will reflect the expected rate group and rate date, but will show the exchange rate from the sending company.
Contents
| Field | Description |
|---|---|
| Transaction Currency |
This non-editable field displays the transaction currency code. The transaction currency description displays in the adjacent, non-editable field. The transaction code represents the currency specified on the IWO. |
| Rate Group |
This field displays the rate group code for the IWO entry, but it can be changed here. The rate group description displays in the adjacent, non-editable field. You can enter, or use Lookup to select, a different rate group code. The data available in the Lookup originates from the Manage Exchange Rate Groups screen. |
Transaction Currency to Functional Currency Exchange Rate Info
Use the fields in this group box to convert the transaction currency into your company's functional currency. The transaction currency represents the currency specified on the IWO allocation; the functional currency represents your company's primary or base currency. You can modify the data in this group box, or you can simply view existing exchange rate information.
| Field | Description |
|---|---|
| Rate Date |
This field displays the exchange rate date used for creating the IWO allocation. Enter, or use Calendar Lookup to select, a different date. You must enter the date in the MM/DD/YYYY format. In order to determine the exchange rates on this subtask, the date you enter in the Rate Date field must be valid based on the data in the Transaction Currency and Rate Group fields. This date also must be valid based on the parameters you established for the records on the Multicurrency screens. After you enter or change an existing date, you must click the Find Rates button to refresh the data in this group box and calculate the exchange rate using the new date. |
| Rate |
This non-editable field displays the rate amount. If the transaction and functional currencies are the same, no rate determination will be necessary. In this case, this field displays "1.0000000." If the transaction and functional currencies are different, the system calculates the rate using the parameters you established for records on the Multicurrency screens. |
| Trans to Func (Trans to Euro) |
This field displays the transaction to functional exchange rate if you calculate the exchange rate for a non-Euro currency. In this circumstance, this field will be labeled Trans to Func. You can edit this field only if you selected the Allow users to override exchange rates check box on the Configure Multicurrency Settings screen. The system determines this rate using the parameters you established for records on the Multicurrency screens. Example: 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. This field will be labeled Trans to Euro. In this case, the currency displayed on the Manage Currency Status record must be consistent with the Euro currency on this screen. |
| N/A (Euro to Func) |
This field displays "1.0000000" and will be non-editable if you convert a non-Euro currency. In addition, if you convert a non-Euro currency, this field will be labeled N/A. 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 Func. If, for example, you track exchange rates by date and convert a Euro currency, the data in this field defaults from the Rate Amount field of the Manage Exchange Rates by Date screen. In this circumstance, the Manage Exchange Rates by Date record should be associated with the actual "EUR" currency. This currency should be linked to the functional currency in this record. The value defaults based on the validity of the data in the Transaction Currency, Rate Group, and Rate Date fields. The Euro to Func field will be editable only if you selected the Allow users to override exchange rates check box on the Configure Multicurrency Settings screen. Modifying the value in the Euro to Func field updates the value in the Rate field. |
| Find Rates |
Click this button to refresh the fields in this group box and retrieve updated exchange rate information using the data in the Transaction Currency, Rate Group, and Rate Date fields. If you add or modify data on this subtask, you must click this button to display new, recalculated exchange rate information. |
| Freeze Rate |
Select this check box to suspend or halt any activity associated with the exchange rate information referenced on this subtask. This suspension will occur after the transaction has posted. After the transaction has posted, Costpoint ignores any subsequent updates to the exchange rate throughout the life of this record. In this case, all evaluations of this record are based on the exchange rate at the time the transaction posted. |
| Apply |
Click this button to update information in the header record and any applicable subtasks on the primary screen with the new exchange rate information. This button applies the new exchange rate data to other applicable fields on this screen. For example, if you change the data in the Transaction Currency, Rate Group, and/or Rate Date fields, you must click the Find Rates button to display the updated exchange rate information on this subtask. Clicking the Apply button synchronizes the header information and all applicable subtasks on the primary screen so they are consistent with the information on this subtask. |