Daily Exchange Rates

The Daily Exchange Rates feature allows you to set up exchange rates from one currency to another currency for a specific date.

You specify:

• The "from" currency and "to" currency

• The date to which the exchange rate applies

• The exchange rate, to 10 decimal places

If you have not set up an exchange rate for a specific date, Vision looks at the period exchange rate table for the date within the specified range of dates.

Because these rates are retained indefinitely, the Daily Exchange Rates feature provides filters that you can use to limit the number of rates that appear. You can filter by currency or by period. For example, you can limit the list to display only currency exchange rates between Canadian dollars and American dollars. Vision retains these individual user settings until you change them.

Translation Methods

In consolidations groups setup, you specify a "translation method" for an account range or an account, and this method applies to all translations for that account. The choices for translation method are:

• Period end rate

• Period avg rate

• Historical rate

The first two settings use rates from the period exchange rates table and use rates for the "period" of the transaction. The last setting, historical rates, uses rates from the daily exchange rates table and uses the transaction date to get the rate. These translations are done when consolidating data from a company whose functional currency is different than the reporting currency for the group.

To set up the translations, use the options on the Translations tab of Consolidated Reporting Setup. For information about how Vision handles gains and losses that result from translations between a company's functional currency and its consolidation group's report currency, see the Concepts help.

XE.com Exchange Rate Data Feed Services

The XE.com Currency Exchange Rate Service is an online exchange rate data feed service, which you can incorporate into Vision's Daily Exchange Rates feature. If your firm wishes to use this service, contact XE.com directly.