Costpoint Online Help

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Currency Codes and Exchange Rates

As the first step in Multicurrency processing, you must establish and format your currency codes in Costpoint Multicurrency.

You cannot use a currency as a functional, transaction, or pay currency until you have established it in Costpoint Multicurrency. Costpoint contains pre-defined currencies, but you must review the time, date, currency, and number formats on the Manage Currencies screen before using a particular currency. Currency codes follow the International Standards Organization (ISO). 

You convert one currency to another by using Exchange Rates. After setting up the currencies, you must initialize the exchange rate groups and sources to establish conversion rates.  Costpoint uses the rate source to identify the source of the exchange rates. Examples of rate sources are the Wall Street Journal, a bank, or a variety of other online sources. Use the Import Daily Exchange Rates utility to assist with online rate sources.

On the Manage Exchange Rate Groups screen, set up To and From currencies and then associate them with an exchange rate. Once you have entered the exchange rate for the To and From currencies, Costpoint creates a new line that contains the inverse of the line that was entered. Costpoint reverses the From and To currencies and establishes an inverse rate so that an exchange rate for the two currencies is available whether transactions are being converted to or from the functional currency.

Set up all currencies that are being used as a pay or transaction currency on the Manage Exchange Rate Groups screen with the functional currency. Since an inverse line is automatically created, it does not matter whether the functional currency is the From or the To currency. Costpoint cannot compute triangulation accurately if this is not completed.  Costpoint uses triangulation only if no direct rate is available. To enable triangulation in Costpoint, select the Use triangulation to find a rate check box on the Configure Multicurrency Settings screen. If you do not wish to use triangulation, leave this check box cleared. However, you get a "zero" conversion rate if you have not established a direct rate between two currencies on the Manage Exchange Rate Groups screen.