Exchange Rates Subtask

Use this subtask of the Create Project Summary Balances screen to review the review the currency and rates Costpoint uses to convert the sending company's functional currency to the receiving company's functional currency. 

This subtask is available only if you are using Multicurrency.

Contents

Field	Description
Pay Currency	The receiving location's currency defaults into this field. To change this currency, enter, or click to select, a currency. Costpoint uses this currency to convert your company's functional currency to the receiving location's currency.
Rate Group	Enter, or click to select, a rate group that Costpoint uses for the currency conversion.

Functional Currency to Pay Currency Exchange Rate Info

Rate Date

The system date initially displays in this editable field. To convert the functional currency to reporting currency, Costpoint uses the rate in effect on this date. Costpoint performs the conversion using the Account Type of each mapped account, as defined on the Manage Accounts screen in Costpoint General Ledger.

Costpoint uses settings on the Manage Exchange Rates by Period screen (or the Manage Period Exchange Rates screen) in Multicurrency to determine rates:

• If the account is a balance sheet account (Asset or Liability), Costpoint uses the Period-End Rate.
• If the account is an income statement account (Labor Expense, Income, Non-labor Expense), Costpoint uses the Period-Average Rate.

Period End

Field	Description
Rate	This field displays the transactional-to-functional rate when non-Euro currencies are used. When a Euro currency is used, this field displays the result of the transactional-to-Euro and Euro-to-functional rates. In other words, before the local currencies of participating countries were replaced by the Euro, Costpoint used the triangulation method to establish an exchange rate between two currencies. No direct rate (relationship) existed for the Euro, and therefore a third common rate was used. For the currencies that were replaced by the Euro, the Euro was used to establish a rate between itself and any other currency. This process no longer exists, and all results displayed are at the transactional-to-functional rates.
Func to Pay	This field displays the rate of the functional-to-payment currency.
Euro to Func or N/A	For those transactions that involve countries that are EC members, this field is labeled Euro to Func and displays the rate for the Euro-to-functional currency. This field is labeled N/A if non-EC currencies are being exchanged.

Period Average

Field	Description
Rate	This field displays the transactional-to-functional rate when non-Euro currencies are used. When a Euro currency is used, this field displays the result of the transactional-to-Euro and Euro-to-functional rates. In other words, before the local currencies of participating countries were replaced by the Euro, Costpoint used the triangulation method to establish an exchange rate between two currencies. No direct rate (relationship) existed for the Euro, and therefore a third common rate was used. For the currencies that were replaced by the Euro, the Euro was used to establish a rate between itself and any other currency. This process no longer exists, and all results displayed are at the transactional-to-functional rates.
Func to Pay	This field displays the rate of the functional-to-payment currency.
Euro to Func or N/A	For those transactions that involve countries that are EC members, this field is labeled Euro to Func and displays the rate for the Euro-to-functional currency. This field is labeled N/A if non-EC currencies are being exchanged. (This field no longer contained user functionality after the transition to the Euro was completed.)
Find Rates	Click this button to refresh the rate fields with information from the Func to Pay field.
Apply	Click this button to update information on the Create Project Summary Balances 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 Pay Currency, Rate Group, and/or Rate Date fields, you must click the Find Rates button to display the updated exchange rate information.