Exchange Rates

This field displays the transaction code. The transaction description displays in the adjacent, non-editable field.

The transaction code represents the currency specified on the invoice.

Costpoint populates this field, first, by seeding data from the Transaction field of the Multicurrency subtask of the Customers screen (Accounting\Maintain\Customers). If this field does not display data, Costpoint seeds data from the Billing Currency field of the Project User Flow screen (Projects\Maintain\Project), if applicable. In this circumstance, the Transaction Currency is seeded from the Billing Currency field specific to the project entered on the invoice. Finally, if this field does not display data, Costpoint seeds data from the Default Transaction field of the Multicurrency Settings screen.

You can enter, or use Lookup to select, a different transaction code.

The data available in the Lookup originates from the Currencies screen (Administration\Maintain\Multicurrency).

The Japanese Yen (JPY), for example, might represent the transaction code on an invoice sent to a company in Japan by a company in the United States.

The transaction code will print on the invoice.

This field displays the rate group code. The rate group description displays in the adjacent, non-editable field.

The rate group allows you to compare one currency to another.

Costpoint populates this field, first, by seeding data from the Rate Group field of the Multicurrency subtask of the Customers screen (Accounting\Maintain\Customers). If this field does not display data, Costpoint seeds data from the Billing Currency field of the Project User Flow screen (Projects\Maintain\Project), if applicable. In this circumstance, the Transaction Currency is seeded from the Billing Currency field specific to the project entered on the invoice. Finally, if this field does not display data, Costpoint seeds data from the Default Rate Group field of the Multicurrency Settings screen.

You can enter, or use Lookup to select, a different rate group code.

The data available in the Lookup originates from the Exchange Rate Groups screen.

The "Daily" rate group, for example, 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 Great British Pound (GBP), and the eight remaining records might include various other currency comparisons.

The rate groups you create establish a relationship between currencies. This association must exists in order for you to determine exchange rates in this subtask.

This field displays the exchange rate date.

The displayed date might represent the current date or the date you entered on the invoice. In addition, it might represent a more arbitrary date such as any one for which you are calculating an exchange rate.

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 in 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 Multicurrency records in the Administration domain.

For example, if you track exchange rates by date, the date you enter in the Rate Date field in this subtask must fall within the date range specified in the Starting Date and Ending Date fields of the Exchange Rates by Date screen (Administration\Maintain\Multicurrency).

Likewise, if you track exchange rates by period and selected the Use Period Rate, If Available checkbox in the Multicurrency Settings screen, the date you enter must fall within the date range specified in the Fiscal Year, Period, Period Start Date, and Period End Date fields of the Exchange Rates by Period screen (Administration\Maintain\Multicurrency).

If you convert a Euro currency, you also must establish records in the Currency Status screen (Administration\Maintain\Multicurrency).

After you enter or change an existing date, you must click the Find Rates pushbutton to refresh the data in this group box and calculate the exchange rate based on the new date.

This non-editable field displays the rate amount.

If the transaction and functional currencies are the same, no rate determination is necessary.  In this case, this field will display "1.0000000."

If the transaction and functional currencies are different, the rate must be determined based on the parameters you established for records in the Multicurrency screens of the Administration domain.

Example

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 checkbox in the Multicurrency Settings screen.

This rate is determined based on the parameters you established for records in the Multicurrency screens of the Administration domain.

Example

If you calculate the exchange rate associated with a Euro currency, this field displays a value that is calculated by dividing "1" by the value in the Euro-to-Currency Exchange Rate field of the Currency Status screen (Administration\Maintain\Multicurrency). This field will be labeled Trans to Euro.  

In this case, the currency displayed in the Currency Status record must be consistent with the Euro currency in this screen.

This field displays "1.0000000" and is 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 Currency Status screen (Administration\Maintain\Multicurrency).  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 is seeded from the Rate Amount field of the Exchange Rates by Date screen (Administration\Maintain\Multicurrency).

In this circumstance, the 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 will be seeded based on the validity of the data in the Transaction Currency, Rate Group, and Rate Date fields.

The Euro to Func field is editable only if you selected the Allow users to override exchange rates checkbox in the Multicurrency Settings screen.

Modifying the value in the Euro to Func field, updates the value in the Rate field.

Click this pushbutton to refresh the fields in this group box and retrieve updated exchange rate information, based on data in the Transaction Currency, Rate Group, and Rate Date fields.

If you add or modify data in this subtask, you must click this pushbutton to allow the display of new, re-calculated exchange rate information.

Select this checkbox to suspend or halt any activity associated with the exchange rate information referenced in 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 will be based on the exchange rate at the time the transaction posted.

For example, if the Rate field displays ".2000000," as it relates to the Dutch Gilder (NLG) and U.S. Dollar (USD) transaction to functional exchange rate, this value will not change as long as the Freeze Rate checkbox is selected. Although the actual, real-time rate may fluctuate, the data in this subtask will remain constant.

In addition, if you select the Freeze Rate checkbox, this transaction will be excluded from update by the Update Open A/R Exchange Rates process.

The Update Open A/R Exchange Rates process inserts the most current exchange rate into the history tables to allow the calculation of unrealized gains and losses.

Click this pushbutton to update information in the header record and any applicable subtasks in this screen with the new exchange rate information.  

This pushbutton applies the new exchange rate data to other applicable fields in 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 pushbutton in order to display the updated exchange rate information in this subtask.

Clicking the Apply Rates pushbutton synchronizes the header information and all applicable subtasks in this screen, so they are consistent with the information in the subtask.

Click this pushbutton to close or hide the subtask.