Using currency codes for non-currency conversions

The currency conversion facility can be used to provide a more generalized conversion facility. It can be used to convert any unit into a value or other unit. For example, you might wish to generate monthly consultancy fees by applying a billing rate to the number of hours a consultant has worked.

A currency code can be used to identify any type of conversion rate using Currency Codes (CNC). The conversion rates can be entered as either daily or periodic rates using either Currency Daily Rates (CND) or Currency Period Rates (CNP).

For example, you could define a currency code of CNV to identify the consultancy billing rate, and then enter the monthly billing rates using Currency Period Rates (CNP). A journal type of Consultancy could be defined that allowed the number of hours worked to be entered as the transaction value along with the Currency Code of CNV. The number of hours would then be multiplied by the appropriate rate to calculate the consultancy charge as the base currency value.