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Exchange Rates Subtask

Use this subtask of the Manage Leave Beginning Balances screen to add, edit, and/or view exchange rate information.

The values in this subtask apply to the beginning balances for the Employee/Leave Type/Leave Year combination. These values do not apply to year-to-date (YTD) accrued, used, deferred, or lost leave.

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 establish exchange rates for the timesheet.
  • You can use this subtask to determine 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.

Since it is possible that your existing Costpoint databases contain records that reference the pre-Euro currencies used by these countries, Costpoint uses "triangulation," a three-part conversion method, to determine exchange rates in this circumstance. For example, Germany now uses the Euro; however, you probably have existing records that reference the German Mark, the pre-Euro currency used in this country. If you attempt to convert the German Mark into U.S. Dollars ( USD), Costpoint performs this conversion internally using triangulation. This process examines the first currency, the German Mark, and converts the German Mark into Euros. Next, the triangulation process continues by converting Euros into U.S. dollars, thus determining the exchange rate.

As you enter and/or edit information in this subtask, you will discover that there are definitive relationships among the data in the Transaction, Pay, Rate Group, Rate Date, and Rate fields. You established these relationships in your setup of the Multicurrency screens. Costpoint calculates the exchange rate based on the validity of the data in these fields.

After you enter data on the Exchange Rates subtask, click the Find Rates button to refresh the fields and populate them with the new, recalculated data.

You must click the Apply button to update applicable fields in the header record and other subtasks displayed on the primary screen.

Before you enter data on this subtask, 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 Manage Currency Status screens.

Field Description
Transaction Currency

This field displays the transaction code. The transaction code represents the currency specified on the timesheet. The Currency code will default from the employee’s Manage Employee Salary Information record. If a Reference Date is specified, the timesheet Type is C, D, or L, and if the Use Reference Date in Correcting and Labor-Only timesheets check box is checked in Configure Labor Settings screen, the Reference Date will be used to determine which Employee Salary Information record to use.  Otherwise, the timesheet Date is used.

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

The data available in the Lookup originates from the Manage Currencies screen.

Costpoint populates this field by first retrieving data from the Manage Vendors screen. If no relevant information exists on this screen, Costpoint retrieves data from the Configure Multicurrency Settings screen.

Transaction Currency Name

This field displays the name of the transaction currency.

Rate Group

This field displays the rate group code. The rate group allows you to compare one currency to another. You can enter, or click  to select, a different rate group code. The rate group description displays in the adjacent field.

Costpoint populates this field by first retrieving data from the Rate Group field of the Currencies block of the Manage Employee Salary Information screen. If this field does not display data, Costpoint retrieves data from the Default Rate Group field of the Configure Multicurrency Settings screen.

The data available in the Lookup originates from the Manage 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 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 exist in order for you to determine exchange rates in this subtask.

If the Allow users to override exchange rates check box is selected in the Configure Multicurrency Settings screen, then users will be able to override exchange rates on timesheets.

Transaction Currency to Functional Currency Exchange Rate Info

Field Description
Rate Date

This field displays the exchange rate date. The displayed date might represent the date you submitted voucher payment or the current date. In addition, it might represent a more arbitrary date such as any one for which you calculate an exchange rate.

Enter, or click to select, a different date. Enter the date in MM/ DD/ YYYY format.

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 and Rate Group fields. This date must also be valid based on the parameters you established for 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.

This field is automatically populated when the timesheet Date or Reference Date is entered. The Reference Date is only used if the timesheet Type is C, D, or L and the Use Reference Date in Correcting and Labor-Only timesheets check box is checked in Configure Labor Settings.

Find Rates

Click this button to refresh the fields in this group box and retrieve updated exchange rate information using data in the Transaction, Rate Group, and Rate Date fields. If you add or modify data in this subtask, you must click this button to display new, recalculated exchange rate information.

Rate

This non-editable field displays the rate amount.

Trans to Func/Trans to Euro

This field can have two different meanings depending on the setup of the specified Transaction Currency. If the Transaction Currency does not exist in the Manage Currency Status table; OR if it exists in that table and the Converting to Euro Currency check box is not selected, then this field displays the Transaction-to-Functional currency exchange rate. Otherwise, (if the Transaction Currency does exist in the Manage Currency Status table and its Converting to Euro Currency check box is selected) then this field displays the Transaction-to-Euro exchange rate. Depending on your settings, this field will be labeled as:

  • Trans to Func: This field displays the transaction to functional exchange rate if you calculate the exchange rate for a non-Euro currency. You can edit this field only if you selected the Allow users to override exchange rates check box on the Configure Multicurrency Settings screen. Costpoint determines this rate using the parameters you established for records on the Multicurrency screens.
  • Trans to Euro: If you calculate the exchange rate associated with a Euro currency, Costpoint 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 must be consistent with the Euro currency on this screen.
N/A/Euro to Func

If the Transaction Currency does not exist in the Manage Currency Status table; OR it exists in that table and the Converting to Euro Currency check box is not selected, then this field defaults to 1.0000000 and labeled N/A.

Otherwise, (if the Transaction Currency does exist in the Manage Currency Status table and its Converting to Euro Currency check box is selected) then this field displays the Euro-to-Functional exchange rate and the label is Euro to Func. If you convert a Euro currency, you must have completed setup of the Manage Currency Status screen.

Freeze Rates

Select this check box to refresh the fields in this group box and retrieve updated exchange rate information using data in the Transaction, Rate Group, and Rate Date fields. If you add or modify data in this subtask, you must select this check box to display new, recalculated exchange rate information.

Apply

Click this button to update information in the header record and any applicable subtasks in the primary screen with the new exchange rate information. This button applies the new exchange rate data to other applicable fields in this screen. For example, if you change the data in the Pay, Rate Group, and/or Rate Date fields, you must click Find Rates to display the updated exchange rate information.