Fixed Exchange Rates

In the Job Price Information window, you can specify whether or not fixed exchange rate information should be used on a given job.

This means that you can lock the calculation of currency amounts to use the exchange rate of a certain date and/or from a specific exchange rate table. You can use specially created tables or the exchange rate table specified in the System Information window in the Set-Up module. See the description of the Job Price Information window for more information on this topic.

Moreover, you can choose to select the Fixed exchange rates in budgets only system parameter in the System Parameters window in the Set-Up module. If you select this parameter, fixed exchange rates will only be used in the job’s budgets while the other transactions of the job are currency converted based on the principles for floating exchange rates. If you do not select the parameter, the fixed exchange rate will be used on all transactions, that is, both manual as well as automatic transactions made in connection with for example invoicing a job. This means that in the Job Cost module currency conversions are generally made based on a job’s fixed exchange rate information.

When fixed exchange rates are used on a job and an amount is specified or derived in currency in for example the Job Budgets window, Maconomy uses a fixed exchange rate for the conversion. This means that Maconomy uses the exchange rate table which is specified for the current job in the Job Price Information window and which is valid on the date also specified in the Job Price Information window, and converts the amount into the base currency of the company responsible for the job in question. Note that in the Job Price Information window, you can specify a combination of an exchange rate date and an exchange rate table. If you do not specify an exchange rate table, Maconomy will use the exchange rate table specified in the System Information window in the Set-Up module. If you do not specify an exchange rate date, Maconomy will use today’s date. See the description of the Job Price Information window for further information.

If you change the fixed exchange rate information, the job’s budgets will be recalculated based on the new information. If information on fixed exchange rates is used for all transactions, the change will only apply to future transactions, and not to transactions that have already been transferred to a journal or posted.

In a number of cases, Maconomy will convert amounts based on the principles for floating exchange rates, even if a job uses fixed exchange rate information. The most important cases are described below.

• In the Job Budget Item Lines window. In this window, prices are transferred from the Inventory module. The Inventory module is not comprised by the fixed exchange rate information and therefore conversions are made based on the principles for floating exchange rates.
• If item price lists are used in connection with calculation of prices in, for example, the Job Budgets window, for the same reason as stated above.
• When creating requisitions from the Job Budgets window, conversion is only made based on fixed exchange rate information if fixed exchange rates are used for all transactions (the Fixed exchange rates in budgets only system parameter is not selected).
• When working with a main job to which subjobs are assigned, the main job’s method of calculating currency is used when distributing to subjobs with another currency than the one used on the main job. At currency conversion within each job, Maconomy still considers the currency calculation method selected for each job.

  When reallocating job entries, please note that when you reallocate from a job using fixed exchange rates to a job not using fixed exchange rates, and if the Update prices at job reconciliation system parameter is not selected, the reallocated prices in base currency will be a reflection of the fixed exchange rate valid for the job from which the entries were reallocated.