PMI Step 7

Enter the exchange rates for the currencies of your accounts payable transaction. You can maintain currency on a regular schedule (possibly daily or weekly) or enter currency rates on an as-needed basis.

Use either the Manage Period Exchange Rates screen or the Manage Daily Exchange Rates screen. Remember that accounts payable transactions are "translated" from transaction to functional currency, then from functional to pay currency. Therefore, for our example, you need to enter rates from yen to dollars and then dollars to yen.

Your company's policy should determine whether you maintain exchange rates by period or by date. You can keep rates by both date and period, but Costpoint first looks for daily rates and then, if none are available, it uses the period rates. (Costpoint only uses period rates by default in this situation if the Use period rate, if available check box is selected on the Configure Multicurrency Settings screen.) For the most accurate accounting of gains and losses, enter the rates for each business day.

Display either the Manage Exchange Rates by Date screen or Manage Exchange Rates by Period screen, and use Query to search for the rate group you created in step 4. Complete the table with the yen-to-dollar rate.