Set Function Defaults for exchange rate

Setting function defaults for exchange rate

This activity allows you to set defaults for retrieving the exchange rates when required across business components. Tell me more.

Select the “Set Function Defaults” link under the “Exchange Rate” business component.

The “Set Function Defaults” page appears.

Enter the following fields to set the function defaults for exchange rates:

Intermediate Cross Currency	Use the drop down list box to select a currency that could be used as a median between two currencies, when exchange rates have not been defined directly for them. You can select from “USD” and “EUR” that is “US Dollars” and “Euro”.
	For example if the exchange rate of the “GBP” (British Pound) to the “DEM” (Deutsche Marc) has not been defined the system will still retrieve the exchange rate for it if you have selected an intermediate cross currency. That is the system would check whether the exchange rate has been defined for the GBP and the intermediate currency similarly between the intermediate currency and the DEM. If it has been defined the system will calculate and retrieve the exchange rate accordingly.
Sequence for Base Currency Exchange Rate Category	Use the drop-down list box to select the sequence in which the exchange rate must be retrieved by the system between the foreign currency with respect to the base currency of the company. You can select from “1” or “2”.
	1 – indicates that the system would check for the exchange rates between the selected currency (From currency) and the base currency (To currency) of the company and retrieve accordingly.
	2 – indicates that the system would check for the exchange rates between the intermediate cross currency and the selected currencies retrieve them, and display the derived rate between the external currency and the base currency.
	The system displays 1, 2 by default at the launch of the page.

Note: “2” cannot be selected if an intermediate cross currency has not been selected.

Sequence for Cross Currency Exchange Rate Category	Use the drop-down list box to select the sequence in which the exchange rate must be retrieved by the system for a selected combination of currencies. You can select from “1”, “2” or “3”.
	1 – indicates that the system would check whether the exchange rate has been defined directly for the selected currencies and retrieve it accordingly.
	2 – indicates that the system would check whether the exchange rate has been defined for the selected currencies and the currency set as the intermediate currency, and display the derived rate accordingly.
	3 – indicates that the system would check whether the exchange rate has been defined for the selected currencies and the base currency of the company, and display the derived rate accordingly.
	The system displays 1, 2, 3 by default at the launch of the page.

Note: “2” cannot be selected if an intermediate cross currency has not been selected.

You cannot select the same value in all the drop-down list boxes and the second drop-down list box must not be left blank.

Currency Code Loading Option	Use the drop-down list box to set whether you want to retrieve “Company Currency” or “ISO Currency”.
	Company Currency – indicates that the currency codes defined by the company will be used.
	ISO Currency – indicates that the standard ISO currency codes will be used.
Default Exchange Rate Type	Use the drop-down list box to select the default exchange rate type for which the exchange rate must be retrieved during the transactions. All the “Active” exchange rate types that have been defined will be available for selection in the ascending order.

Click the “Set Function Defaults” pushbutton to set the function defaults.

The system stores the login user ID and the system date along with the created and modified details.

The system stores the history of all the modifications made.