Creating periods

You can create multiple periods to maintain the exchange rates. By default, one period exists from January 1, 1753 to December 31, 9999.

Note:  Only the users with the Administrator role can execute this process.

To create periods:

  1. Select Administration > Dated Exchange Rates. The Dated Exchange Rate Periods List view is displayed.
    Note: If you cannot view the All Currencies and All Periods tabs on the Dated Exchange Rates window, click Groups and select the Favorite check boxes for All Currencies and All Periods.
  2. Click Modify Periods in the Period Tasks section, on the Task Pane. The Modify Periods window is displayed.
    Note: The Modify Periods option is displayed only in the Dated Exchange Rates Periods List view.
  3. Specify this information:
    Field Name Description
    Frequency The frequency for the creation of the periods. The possible values are:
    • Manual: One period is created based on the dates you specify in the Period Begins and Period Expires After fields.
    • Daily:Periods recur daily and are created from the date you specify in the Period Begins field.
    • Monthly: Periods recur monthly and are created from the date you specify in the Period Begins field.
    • Quarterly: Periods recur quarterly and are created from the date you specify in the Period Begins field.
    • Yearly: Periods recur yearly and are created from the date you specify in the Period Begins field.
    Period Begins The start date of the period.
    Period Expires After The date until when the period is valid.
    Note:  You can specify this value only if the Frequency field is set to Manual.
    Automatic Download If this check box is selected, the exchange rates are downloaded automatically from the FIXER website, when the rollover of the period occurs.
    Note: The exchange rates on the FIXER website are updated once every day at 16:00 hours (CET).
  4. Click OK.

Creating periods with Manual frequency

When you set the frequency of creating a period to Manual, a period is created, based on the specified dates. The exchange rates are downloaded automatically if the Automatic Download check box is selected.

On setting the Frequency to Manual:

  • A period is created with the start date January 1, 1753 and end date as a day prior to the date specified in the Period Begins field.
  • A period is created with the dates specified in the Period Begins and the Period Expires After fields.
  • A period is created with the start date as a day after the date specified in the Period Expires After field and the end date as December 31, 9999.

Example

Set these values in the Modify Dates window:

  • Frequency: Manual
  • Period Begins: January 12, 2016
  • Period Expires: November 13. 2016
  • Automatic Download: Select this check box to download rates automatically.

When you click OK, these periods are created for each currency:

Period Begins Period Expires After
1/1/1753 11/1/2016
12/1/2016 13/11/2016
14/11/2016 31/12/9999

Creating periods with a recurring frequency

When you select a recurring Frequency:

  • The first period is created with the start date as January 1, 1753 and the end date is one day prior to the date displayed in the Period Begins field for the second period.
  • Multiple periods are created based on the selected Frequency and the date specified in the Period Begins field.
  • The Period Begins field for the last period is set to a date that is one day after the date displayed in the Period Expires After field of the previous period. The Period Expires field is set to December 31, 9999. Consequently, the last period is a period in the future.
    Note: When the date in the Period Begins field is same as the current date (today), period roll over occurs and a new period is created based on the selected frequency, and the last period is modified accordingly.
  • Exchange rates are downloaded on the date displayed in the Period Begins field, for every period.

Example

The current date is November 9th, 2015 and you set these values in the Modify Dates window:

  • Frequency: Quarterly
  • Period Begins: January 18, 2015
  • Automatic Download: Select this check box to download rates automatically.

When you click OK, these periods are created for each currency:

Period Begins Period Expires After
1/1/1753 17/1/2015
18/1/2015 17/4/2015
18/4/2015 17/7/2015
18/7/2015 17/10/2015
18/10/2015 17/1/2016
18/1/2016 31/12/9999

In this example:

  • The first period is created from January 1, 1753 to January 17, 2015.
  • Multiple periods are created from January 18, 2015 to January 17, 2016, based on the selected frequency(Quarterly).
  • The last period is from January 18, 2016 to December 31, 9999.
  • On January 18, 2016, period roll over occurs and a new period is created with the Period Begins field set to January 18, 2016 and the Period Expires field set to April 17, 2016.
  • The last period is modified; Period Begins field is set to April 18, 2016 and Period Expires field is set to December 31, 9999.
  • For each period, the exchange rates are downloaded on the date displayed in the Period Begins field and are valid up to the date displayed in the Period Expired After field.

Dates to determine the exchange rates

This table describes the reference dates that are considered to determine an exchange rate from an appropriate Period, for various entities:

Entity Exchange Rate Date Default Exchange Rate Date Fallback Date
Opportunities Actual close date Estimated close date Create Date
Quotes Start Date End Date Create Date
Sales Orders ERP Status Date Order Date Create Date
ERP Shipment ERP Status Date ERP Status Date Create Date
ERP Invoice ERP Status Date ERP Status Date Create Date
ERP Receivable ERP Status Date ERP Status Date Create Date
RMA ERP Document date ERP Document Date Create Date
ERP Trading Account Today's date Today's date Today's date

Example

For the Opportunities entity, if an actual Close Date of the Opportunity is specified, this date is considered to determine the period for the Opportunity. If the actual Close Date is not specified, the Estimated Close date is considered. If the Estimated Close date is not specified, the date on which the opportunity is created, is considered.

The Exchange Rate Date and the Default Exchange Rate date can be changed in the VFS file. The Fallback Date cannot be modified.