Exchange Rates Subtask

Use this subtask of the Create Consolidation Entries screen to review the review the currency and rates Costpoint uses to convert the sending company's functional currency to the receiving company's functional currency. 

Note: This subtask is available only if you use Costpoint Multicurrency.

Contents

Field	Description
Pay Currency	The receiving location's reporting currency defaults into this field. Costpoint uses this currency to convert your company's functional currency to the receiving location's reporting currency. Establish the reporting currency on the Manage Transfer Locations screen.
Rate Group	Enter, or click  to select, a rate group that Costpoint uses for the currency conversion.

Functional Currency to Pay Currency Exchange Rate Info

Field

Description

Rate Date

The system date initially displays in this editable field. To convert the functional currency to reporting currency, Costopint uses the rate in effect on this date. Costpoint performs the conversion using the Account Type of each mapped account, as defined on the Manage Accounts screen. Costpoint uses settings on the Manage Exchange Rates by Period screen (or the Manage Period Exchange Rates screen) to determine rates: If the account is a balance sheet account (Asset or Liability), Costpoint uses the Period-End Rate. If the account is an income statement account (Labor Expense, Income, Non-labor Expense), Costpoint uses the Period-Average Rate. Costpoint translates the stockholders' equity accounts using the historical rates. If you recorded an override on the Manage Consolidation Equity Accounts Override screen, Costpoint uses the weighted average historical rate.

Period End

Field	Description
Rate	This field displays the transactional-to-functional rate when non-Euro currencies are used. When a Euro currency is used, this field displays the result of the transactional-to-Euro and Euro-to-functional rates. In other words, before the local currencies of participating countries were replaced by the Euro, Costpoint used the triangulation method to establish an exchange rate between two currencies. No direct rate (relationship) existed for the Euro, and therefore a third common rate was used. For the currencies that were replaced by the Euro, the Euro was used to establish a rate between itself and any other currency. This process no longer exists, and all results displayed are at the transactional-to-functional rates.
Func to Pay	This field displays the rate of the functional to payment currency.
Euro to Func or N/A	For those transactions that involve countries that are EC members, this field is labeled Euro to Func and displays the rate for the Euro-to-functional currency. This field is labeled N/A if non-EC currencies are being exchanged.

Period Average

Field	Description
Rate	This field displays the transactional-to-functional rate when non-Euro currencies are used. When a Euro currency is used, this field displays the result of the transactional-to-Euro and Euro-to-functional rates. In other words, before the local currencies of participating countries were replaced by the Euro, Costpoint used the triangulation method to establish an exchange rate between two currencies. No direct rate (relationship) existed for the Euro, and therefore a third common rate was used. For the currencies that were replaced by the Euro, the Euro was used to establish a rate between itself and any other currency. This process no longer exists, and all results displayed are at the transactional-to-functional rates.
Func to Pay	This field displays the rate of the functional to payment currency.
Euro to Func or N/A	For those transactions that involve countries that are EC members, this field is labeled Euro to Func and displays the rate for the Euro-to-functional currency. This field is labeled N/A if non-EC currencies are being exchanged. (This field no longer contained user functionality after the transition to the Euro was completed.)
Find Rates	Click this button to refresh the rate fields with information from the Func to Report field.