Fixed Exchange Rate Information Single Dialogs Workspace

Use this workspace to manage jobs for which you budget and enter purchases from vendors in foreign currencies.

The billing of the customer can happen in a currency that is different from the local currency. Maconomy converts the budgeted amounts into local currency using the exchange rates that are in effect at the time of budgeting. Maconomy converts the actual amounts at the rates that are valid on the transaction date of each entry or invoice. This means that any exchange rate variations that occur between the time of budgeting the job and the time of receiving invoices from vendors or billing customers have an impact on the profitability of the job as calculated by Maconomy.

While you manage the fixed exchange rate tables through the Set-Up module (typically maintained by the finance department in companies) this workspace enables project managers to manage job-specific exchange rates from the Job Cost module, without allowing them to change any of the standard exchange rates.

There are three ways of choosing which exchange rates to use on a job:

• Use fixed exchange rate tables specific for purchases and/or sales.
• If no exchange rate table is selected, use the default exchange rate table entered in System Information.
• Create job-specific fixed exchange rate tables. You create and manage them from the Job Cost module; they are not available from the Exchange Rate Tables workspace or from drop-down lists of global exchange rate tables.

Project managers can fix exchange rates of jobs in two ways:

• Assign a fixed exchange rate date to the job. This way the standard exchange rate functionality of Maconomy is used with the currency conversion date fixed to this date.
• Assign a fixed exchange rate for each currency used on the job. These exchange rates are then used for all transactions on the job.

You can change the fixed exchange rates of a job and then recalculate the current job budget using the new exchange rates. Maconomy uses the new exchange rates for all transactions that occur after the change. If you select the Fixed exchange rates in budgets only system parameter, Maconomy only uses the fixed rates for budgeting, not for entries on the job.

If you create a job-specific fixed exchange rate table, it has the same effect on budgets, entries, invoicing, and printing as if you created it as a fixed exchange rate table for both purchases and sales on the job.

Note: You must use either system rates or job-specific rates. If you choose to use job-specific rates by selecting the Use Fixed Exchange Rate from Job field, Maconomy disables all of the fields in the Fixed System Exchange Rates island.

Create and Manage Job-Specific Fixed Exchange Rate Tables

The following sections describe how you create and manage job-specific fixed exchange rate tables.

To create a job-specific table, do one of the following:

• Enter exchange rates manually, one currency at a time.
• Copy all currencies and initial values, either from another job, or from a selected standard exchange rate table for a given date. You can then add, remove, or change exchange rate lines manually.

The following conditions apply to managing fixed exchange rates on jobs:

• The reference currency for the exchange rate table is the enterprise currency that you specify in the System Information workspace.
• When you create job-specific exchange rates, they can be:
  • Copied from another job.
  • Copied from an existing standard exchange rate table from a specified date.
  • Entered manually, one at a time.
  • Imported using an import program.
• If you select a standard table from which to copy the exchange, Maconomy uses the exchange rate value from this table for calculations if you use a currency with no job-specific entry. If you do not enter a standard table, or if the table that you enter has no entry for this currency, it causes an error.
• Using the Margin for job exchange rate variance, % system parameter enables you to set a maximum deviation from the enterprise exchange rate of a currency at the time of creation. If you set the value of this parameter to 0.0, Maconomy accepts any deviation. This parameter is available at both the company level and the system level. Maconomy uses the system level if you do not enter a value for the company.
• The Fixed exchange rates in budgets only system parameter is also available at both the system and company level.
• All changes to fixed exchange rate information are effective as soon as you enter them. When you complete changes to fixed exchange rate information, you can update existing budgets using an action. If you need to edit exchange rates, you can block further entries, such as block time and expense entries on the job for a period of time.
• If you create a job from a template or copy it from another job, Maconomy copies the selected values of the fixed exchange rate tables, but does not copy the exchange rate date or exchange rate table entries. If the job uses job-specific fixed exchange rates, you must enter the exchange rate date and/or exchange rate entries in the sub-tab subsequently.
• There is no restriction on the combinations of fixed exchange rate settings for main jobs and subjobs.

You can manage fixed exchange rates for opportunity budgets as you do for jobs.

When you create an opportunity budget, Maconomy creates a job with the same name as the opportunity, but prefixed with an underscore ( _ ). This job is available for editing fixed exchange rate information in the Job Cost module. The initial values are copied from the template job that was entered when you created the opportunity budget.

When an opportunity is won, you create a regular job based on the opportunity number. Maconomy then copies the initial exchange rate information for this job from the now closed job for the opportunity budget. Maconomy does not copy the individual rates. If you want to transfer these, use the Copy Job Exchange Rates to Job action with the job number _OpportunityNumber that you entered for the opportunity budget.