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Exchange Rates Subtask

Use the Exchange Rates subtask to review and modify purchase order (PO) transactions that occur in a non-functional currency.

After changing the settings in this subtask, click the Apply Rates button to reset the Trans to Func field for the selected transaction currency. Costpoint reviews the settings and provides the appropriate currency conversion rate. If the vendor contains valid default multicurrency information ( from the Manage Vendors screen), the transaction currency and rate group default into this subtask but can be modified.

Note: For those transactions that have identical currencies (transaction matches functional), this screen defaults certain information based on that match. Unless you are entering a purchase order for a currency other than your functional currency, the settings on this subtask should NOT be modified. Be sure to review the Multicurrency and Vendor Settings before issuing exchange rate information.

Contents

Field Description
Purchase Order ID

This field displays the PO number from the main screen.

Release

This field displays the release number from the main screen.

Transaction Currency

Enter, or click to select, the transaction currency for this PO. This is the currency that your vendor uses on the invoice. If the vendor's transaction currency is different from Costpoint's functional currency, this field displays the vendor's default transaction currency that is assigned in the Currencies link of the Manage Vendors screen. If no default has been selected for the vendor, the default transaction currency displays from the Configure Multicurrency Settings screen in Costpoint Administration. You can modify this field, however, you must have linked the selected transaction currency to the selected Rate Group on the Manage Exchange Rate Groups screen in Costpoint Multicurrency.

The currency name displays in the field on the right.

Rate Group

Enter, or click to select, the rate group for this transaction. This field populates with the default Rate Group from the Currencies link in the Manage Vendors screen. If no default has been selected for the vendor, the default rate group is selected from the Configure Multicurrency Settings screen in Costpoint Administration. You must have linked the selected rate group to the selected transaction currency on the Manage Exchange Rate Groups screen in Costpoint Multicurrency.

The rate group name displays in the field on the right.

Apply Rates

Click this button to update information in the header record and any applicable subtasks on the main 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 Transaction Currency, Rate Group, and/or Rate Date fields, you must click the Find Rates button to display the updated exchange rate information in this subtask.

When you click the Apply Rates button, it synchronizes the header information and all applicable subtasks in the main screen so they are consistent with the information in this subtask.

Transaction Currency to Functional Currency Exchange Rate Info

Field Description
Rate Date

This field displays the system (today's) date. To obtain exchange rates for another date, enter, or click to select, a date and click the Apply Rates button.

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 in the Configure Multicurrency Settings screen.

Freeze Rate

Select this check box to hold the last rate saved in these fields. You can enter other rates in Costpoint, but they are not applied to this transaction (for gain or loss calculation) unless this check box is clear.

Trans to Func or Trans to Euro

For those transactions that involve Euro currencies, this field is titled Trans to Euro and displays the rate for the transaction to Euro currency. (This field is titled Trans to Func if non-Euro currencies are being exchanged.)

When this field is named Trans to Func and you click the Apply Rates button, the transaction to functional exchange rate loads for the selected Transaction Currency, Rate Group, and Rate Date, but can be modified if the Allow users to override exchange rates check box was selected in the Configure Multicurrency Settings  screen in Costpoint Administration.

N/A or Euro to Func

For those transactions that involve Euro currencies, this field is titled Euro to Func and displays the rate for the Euro to functional currency. This field displays as N/A if non-Euro currencies are being exchanged.

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 in this subtask, you must click this button to display new, re-calculated exchange rate information.