Creating exchange rates

You can create an exchange rate using your base currency as the parent currency.

  1. Select Setup > Exchange Rate.
  2. Click the New icon.
  3. Specify this information:
    Code

    Select the currency code from the list.

    The values displayed are retrieved from the Currency panel.

    Type
    Select an exchange rate type.
    • Actual is the exchange rate type that pertains to current values of an exchange rate.
    • Budget is the exchange rate type that is set by organization for one entire budget period.
    • Simulation is the exchange rate type that pertains to forward rates that will take place in the future.
    • Collection / Line Plan is the exchange rate type specifically for collection plans and line plans. Exchange rates of this type cannot be used elsewhere in the application except for collection plans and line plans and, as such, should not be copied.
    Note: You can create only one exchange rate for a currency with this exchange rate type.
    Exchange rate

    Specify the exchange rate for the base currency.

    The exchange rate is the rate with which the base currency is multiplied to be converted to the actual currency.

    For example, if the base currency is USD, the exchange rate for EUR is 0.78 (1 USD = 0.78 EUR).

    Valid From Date

    Specify a start date to set the validity period of the exchange rate.

    Note: If the exchange rate type that you selected is Collection / Line Plan, leave this field blank.
    Valid To Date
    Specify an end date to set the validity period of the exchange rate. This field is optional.
    Note: If the exchange rate type that you selected is Collection / Line Plan, leave this field blank.

    You cannot set up overlapping exchange rates by exchange rate type.

    Base Currency

    By default, the currency that you define in the Currency is the base currency.

    You cannot change this value.

    Status

    Select Active or Inactive.

    Active exchange rates cannot be deleted.

    Default Exchange Rate
    Select Yes or No.
    Comment
    Provide additional comments for the exchange rate.
    Attachments
    Drag and drop files to upload attachments related to your exchange rate.
  4. Click Save or Save and Close.