Currency Conversion

Currency conversion calculation is a calculation that allows converting local currency input to the required reporting currency.

Conversion will follow a simple [ a (Amount) * b (Rate) ].

Prerequisites

Currency Conversion works based tagged Model used for the calculation. Account type and Version type fields are required to be maintained. Please check on the Fields under Modelling.

Dependency to maintain Account field Conversion method property "RATETYPE" is required.

Version Field property RATE_CATEGORY normally is blank. This means the date on which the user's reporting data is sitting. If the user require to use Rates from a different version, then he can maintain the version here.

Features

To create Currency conversion calculation group details, the user needs to populate:

1. Apply to entity (optional) - this is the Entity type field of the tagged model

2. Conversion type as default property values and can be updated as required:

• END - Month End Rate (non-editable)

• AVG - Period Average (non-editable)

• YTDAVG - YTD Average (editable)

• HISTAVG - Historical Average (editable)

• CTR - Translation reserves (editable)

• Units - Copy LC to Group Currency (editable)

• Spot - Spot Rate (No conversion) (editable)

3. Applicable to - refers to the option of the user to set different fields with their corresponding members to be used in the currency conversion calculation reference

4. Used buttons:

1. CANCEL - Input details or the action done will be disregarded. Information pops up informing the user that the action was canceled.

2. SAVE - Input details or the action done will be saved. Information pops up informing the user that the action was saved.

Creating a Currency Conversion rule calculation details:

1. Input Flow - option of the user to set from the Flow type field the member to be used in the calculation. An option for the user to set if the calculation can be applied to periodic measure.

2. Formula - formula to be used on the calculation.

3. Output - are the Account and Flow dimension members to be used to post or record the result of the calculation. An option for the user if the result of the calculation is to be posted to closing flow.