Entering currency daily rates

Currency Code From

The code of the currency you want to convert from. This must be a pivot currency because the currency conversions are all performed via the pivot value.

Currency Code To

The code of the currency you want to convert to.

Account From/To

The only account code or range of account codes to which this rate applies. Leave this blank if the rate applies to all account codes. If a specified rate exists for an account code, that rate is used in preference.

Effective Date From

The date from which the rate applies. This must be entered.

Effective Date To

The last date in the range of dates for which the rate applies. If you leave this blank, the end date 30/12/2099 is automatically entered. If this rate is valid for one day only, enter the same date as the Effective Date From field.

Status

Currency Rate Type

Use the currency rate type query button to select a currency rate type from the list. If it is not specified the Default rate type is used.

Multiply or Divide

Choose to Multiply or Divide the transaction amount in the From currency by the rate to calculate the To currency.

Conversion Rate

The currency rate that applies for the range of dates defined in the Effective Date From/Effective Date To fields.

Conversion Rate Decimal Places

The number of decimal places that are used in the currency conversion calculation.

Rate Tolerance

If this option is chosen, a tolerance check is performed on any rates you enter or rates calculated by the system. This allows you to apply a sanity check to the rates to stop any unrealistic rates being entered and used by mistake.

Rate Tolerance Percentage

If tolerance checking is required, this is the maximum tolerance allowed for this daily rate. The percentage difference between the rate entered or calculated, and the rate in the Conversion Rate field above must be within this percentage. If the Override Rate Tolerance field in Journal Type is selected, the level identified here is ignored.

For zero tolerance, it is set to the nearest currency subunit. For example, a practical 0.01% tolerance level is applied for a 0.00 setting in order to avoid creating a mathematically impossible situation.