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Exchange Rates Subtask

If you have implemented Multicurrency, use this subtask to set up and modify transaction currency default information, by sales order and customer.

Use this subtask to establish and monitor the exchange rate info between the assigned transaction currency (for example, for customer sales orders) and your organization's functional (base) currency for financial reporting.

Initially, a transaction currency loads based on entries on the Manage Customers screen (through the Multicurrency subtask). If you did not specify the default currency or any transaction currencies on Manage Customers screen, the default loads from the Configure Multicurrency Settings screen.

Select the Limit Transaction Currencies check box on the Multicurrency subtask on the Manage Customers screen to restrict customers to certain transaction currencies only.

You must link the selected transaction currency to the selected Rate Group on the Manage Exchange Rate Groups screen in Multicurrency. You cannot modify the transaction currency after the sales order has been approved. Changing the transaction currency on this screen modifies the transaction currency on the main screen.

Other fields on this subtask (Rate Group, Rate Date, Rate, Trans to Func or Trans to Euro, N/A or Euro to Func) are similar to the Exchange Rate subtask found throughout the Accounting folder.

Use this subtask when you add a sales order or customer or to update currency information. If you have entered the sales order but have not yet submitted it for approval, you can modify the Transaction Currency, Rate Group, Rate Date and Trans to Func (or Trans to Euro and Euro to Func) fields. The changes you create modifies the Rate field. If submitted for approval, the exchange rate is "frozen" at the entered rate. You cannot modify the rate if the sales order is approved. You can maintain it only if the sales order status is Pending or Rejected.

Table Window

Field Description
Transaction Currency

Enter, or click to select, one of the system-defined transaction currencies. If the transaction and functional currencies are the same, the Rate and Trans to Func fields in the Transactional Currency to Functional Currency Exchange Rate Info group box default to 1.0000000 and 0.0000000, respectively. You can only modify this field if the sales orders status is Pending or Rejected. The field to the right displays the currency name or description.

Apply Rates

Click this button to calculate the actual (functional) exchange rate between the selected Rate Group and Transaction Currency fields. Clicking this button updates the currency exchange rate in the Rate and Trans to Func fields.

Rate Group

Enter, or click to select, the rate group code to be used for this customer's transactions. Rate groups identify the source of exchange rate data. You can create and modify rate group codes on the Manage Exchange Rate Groups screen in Multicurrency. However, this field displays the default rate group from the Multicurrency subtask of the Manage Customers screen. You can only modify this field if the sales orders status is Pending or Rejected. The field to the right displays the rate group name or description.

Transactional Currency to Functional Currency Exchange Rate Info

Use this group box to set up transaction and functional currency exchange rate information for the sales order that you are entering. The Rate and Trans to Func fields default with the specified exchange rate information assigned to the rate group on the Multicurrency subtask of the Manage Customers screen. Exchange rates are "frozen" upon submission of the sales order being approved. If you later modify the currency, the exchange rate is again looked up and frozen at the new rate.

Field Description
Rate Date

Enter, or click to select, the date or period of the exchange rate being used for this sales order (also refer to the Multicurrency subtask of the Manage Customers screen). You can only modify this field if the sales orders status is Pending or Rejected.

Rate

This field displays the actual exchange rate between the selected rate group and the selected exchange rate date. You can only modify this field if the sales orders status is Pending or Rejected.

For transaction to functional currency exchange rates, the exchange rate for non-Euro currencies loads. However, if you are using Euro currency, the product of transaction currency to Euro and Euro to functional currency exchange rates displays. If both the transaction and functional currency is Euro, this field is blank.

Freeze Rate

Select this check box to hold the last rate saved and to prevent new rates to apply.

Trans to Func

The conversion rate in the Rate field defaults into this field to allow you to modify the transaction currency for this sales order. Costpoint disables this field if the sales order status is Approved. If you are using Euro currency, this title of this field is Trans to Euro; and the product of transaction currency to Euro and Euro to functional currency exchange rates displays. If Euro currency is both the transaction and functional currency, this field is disabled.

Find Rates

Click this button to find currency rates in Multicurrency.

N/A

This field displays as Euro to Func if you are using Euro currency. However, if you use transaction to functional direct conversion, this field is blank.