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This page allows you to enter exchange rates for a combination of currencies. Tell me more.
Select the “Create Exchange Rate” link under the “Exchange Rate” business component.
The “Create Exchange Rates” page appears.
Enter the following fields:
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Exchange Rate Type Description |
Use the drop-down list box to select the type of exchange rate for which you want to enter the exchange rates for various currencies. All the exchange rate types that are in the “Active” status will be available for selection. The system displays the exchange rate type set as default in the “Set Function Defaults” page. |
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Valid From Date |
The date from which the exchange rates are valid (Date Format). Mandatory. This date cannot be later than the system date. This field must not be left blank. The system date is displayed by default at the launch of the page. |
Click the “Download Rates” pushbutton to retrieve the exchange rate details.
Note: The system retrieves the exchange rates from an external source through an MS-Excel sheet or a database into the “Exchange Rate” multiline.
Enter the following fields in the “Exchange Rate” multiline:
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From Currency |
The code identifying the currency against which the “To Currency” is quoted (Alphanumeric, 5). Mandatory. |
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To Currency |
The code identifying the currency which will be expressed as units equal to the currency selected in the “From Currency” field (Alphanumeric, 5). Mandatory. |
Note: For example if you want to enter the exchange rate between US Dollar and GB Pound, US Dollar must be entered in the “From Currency” field and the GB Pound must be entered in the “To Currency” field.
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Exchange Rate |
The number of units of the “To Currency” exchanged to get one unit of “From Currency” (Decimal). Mandatory. |
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Exchange Rate Type |
Use the drop-down list box to select the type of exchange rate for which you want to enter the exchange rates. All the exchange rate types that are in the “Active” status will be available for selection. The system displays the exchange rate type set as default in the “Set Functions Default” activity on launch of the page. |
Note: If “All” is selected in the exchange rate type field you can select any of the “Active” exchange rate types in this field.
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Tolerance % |
The percentage of variation in the exchange rates for the given combination of currencies that will be permitted during transactions (Integer). The value entered in this field must be greater than zero. |
Note: This field must not be left blank if “Tolerance Limit” is left blank.
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Tolerance Limit |
The absolute amount of variation in the exchange rates for the given combination of currencies that will be permitted during transactions (Decimal). The value entered in this field must be greater than zero. |
Note: This field must not be left blank if “Tolerance %” is left blank.
Click the “Create Rates” to save the rates.
The exchange rates are saved along with the inverse rates.
The system displays the following:
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Created By |
The login ID of the user who has created the exchange rates. |
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Created Date |
The date on which the exchange rates where created. |
To proceed, carry out the following
Select the “Rates by Date” link at the bottom of the page to view the exchange rates for a selected date.
Select the “Rates by Exchange Rate Type” link at the bottom of the page to view the exchange rates for a selected exchange rate type.
Select the “Period / Year End Rates” link at the bottom of the page to view the exchange rates for a financial year or period.
Creating exchange rates – An overview
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You can select the exchange rate type and enter the rate for any given currency combination. You can also specify a percentage or a flat amount as a permitted variation for the exchange rates that are retrieved during transactions. For a selected currency combination if you do not define the exchange rate for the reverse combination, the system calculates it based on the direct value given and stores it accordingly.
To save time you can upload the exchange rates that have been received in the form of an MS-Excel sheet from an external source on a daily basis. The login ID of the user and the system date are stored with the exchange rates.
