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Exchange Rates Subtask

Use this subtask of the Manage Subcontractor Invoices screen to edit and/or view exchange rate information for the subcontractor invoice.

This screen defaults information based on the Configure Purchase Order Voucher Settings screen.

On the Configure Purchase Order Voucher Settings screen, you can set the Exchange Rate Source as:

  • Purchase Order: If this is set, the exchange rate information will come from the purchase order. You can edit all fields except for the Transaction Currency.
  • Invoice Date: If this is set, the exchange rate information that falls on the invoice date will be used.
  • Current Date: If this is set, the exchange rate information to be used will be for the current date.
Note: For the Invoice Date and Current Date settings, the Transaction Currency and Rate Group come from the purchase order (PO).

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 subcontractor invoice.
  • 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 12 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, 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, you can use 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 following screens:

  • Configure Purchase Order Voucher Settings
  • Configure Multicurrency Settings
  • Manage Exchange Rate Sources
  • Manage Exchange Rates by Date or Manage Exchange Rates by Period
  • Manage Exchange Rate Groups
  • Manage Currency Status

Contents

Field Description
Transaction Currency

This field displays the transaction currency code for the purchase order associated with the subcontractor invoice. This field cannot be edited.

The transaction description displays in the adjacent field.

Rate Group

This field displays the rate group code. The rate group allows you to compare one currency to another. 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 purchase order.

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.

Transaction Currency to Functional Currency Exchange Rate Info

Use the fields in this group box to convert the transaction currency into your company's functional currency. The transaction currency represents the currency specified on the invoice; the functional currency represents your company's primary or base currency. You can modify the data in this group box, or you can view existing exchange rate information.

Field Description
Rate Date

This field displays the exchange rate date. 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 Currency 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.

Rate

This field displays the rate amount.

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

If the transaction and functional currencies are different, Costpoint calculates the rate using the parameters you established for records on the Multicurrency screens.

Example:

The value in the Rate field is determined based on the method you use to track exchange rates.

If you track exchange rates by date, the rate defaults from the Rate Amount field in the Exchange Rates by Date screen.  

For example, the Daily rate group record in the Exchange Rates by Date screen might display exchange rate comparisons between the British Pound (GBP) and the U.S. Dollar (USD). The Starting Date field in this screen might display 01/01/2006, the Ending Date field might display 12/31/2006, and the Rate Amount field might display .6000000.

The Exchange Rates subtask might display GBP in the Transaction field, Daily in the Rate Group field, and 01/15/06 in the Rate Date field. In addition, the U.S. Dollar (USD) might represent the functional currency.

In this circumstance, the Rate field in the Exchange Rates subtask displays .6000000 because this is the Rate Amount associated with the Transaction, Rate Group, and Rate Date combination.

Trans to Func

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 is labeled Trans to Func.

Costpoint determines this rate using the parameters you established for records on the Multicurrency screens.

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. This field is labeled Trans to Euro. In this case, the currency displayed on the Manage Currency Status record must be consistent with the Euro currency on this screen.

Example:

If you track non-Euro exchange rates by date, this field displays a value that defaults from the Rate Amount field in the Exchange Rates by Date screen.

If you track non-Euro exchange rates by period, this field displays a value that defaults from the Period-Average Rate field of the Exchange Rates by Period screen.

Whether you track non-Euro currency exchange rates by date or period, the rate amount is retrieved based on the validity of the data in the Transaction, Rate Group, and Rate Date fields.

The value displayed in the Trans to Func field is always the same as the value displayed in the Rate field.

Since the value in the Rate field is non-editable, you can use the Trans to Func field to indirectly change the value in the Rate field.

For example, the Rate and Trans to Func fields might display .6000000, based on the U.S. Dollar (USD) to Japanese Yen (JPY) exchange rates. If the exchange rate changed to .8500000, you could manually modify the data in the Trans to Func field to reflect this new rate.

Updating the value in the Trans to Func field updates the value in the Rate field with the equivalent amount.

N/A

This field displays 1.0000000 and is non-editable if you convert a non-Euro currency.

If you convert a non-Euro currency, this field is labeled N/A.

If you convert a Euro currency, you must have completed setup of the Manage Currency Status screen. 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 defaults from the value in the Rate Amount field of the Manage Exchange Rates by Date screen. 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 defaults based on the validity of the data in the Transaction Currency, Rate Group, and Rate Date fields.

Find Rates

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

If you add or modify data on this subtask, you must click this button to display new, recalculated exchange rate information.

Freeze Rate

Select this check box to suspend or halt any activity associated with the exchange rate information referenced on 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 are 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 check box is selected. Although the actual, real-time rate may fluctuate, the data on this subtask remains constant.

If you select the Freeze Rate check box, this transaction is excluded when you execute the Update Open Accounts Payable Exchange Rates process. The Update Open Accounts Payable Exchange Rates process inserts the most current exchange rate into the history tables to allow the calculation of unrealized gains and losses.

Apply

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

This button applies the new exchange rate data to other applicable fields on this screen. For example, if you change the data in the Rate Group and/or Rate Date fields, you must click the Find Rates button to display the updated exchange rate information.

Clicking the Apply button synchronizes the header information and all applicable subtasks for the primary screen so that they are consistent with the information on this subtask.