Currency exchange rates are used to calculate the Reporting Currencies. Account balances are entered in the company’s local currency. The local currency is converted to the Reporting Currency using the local currency of the company to the Reporting currency selected in the report. This allows for reporting and comparisons in a single currency for all the Companies.
Currency exchange rates are entered for a Leading Currency to an Included currency. The cross rates the be calculated. The cross rates can be seen on the Cross Rates tab on the Currency Conversion page.
The Leading Currency, Reporting Currencies and Included Currencies are set up in the Currency Setup.
Currency exchange rates are entered by month. Each month has an average currency exchange rate and closing monthly exchange rate. The average currency rate is the monthly average of the daily currency rates for the month. The average currency rate is used to calculate the Profit and Loss accounts reporting currencies. The closing currency rate is the currency rate at the end of the month. The closing currency rate is used to calculate the reporting currency for Balance Sheet accounts.
All included Currencies must have a monthly exchange rate entered in the Default Currency tab in the Currency Conversion page. Specific monthly exchange rates for a given company and account can be entered in the Specific Rates tab. The specific exchange rate is used instead of the default exchange rate when calculating the company and account that have specific exchange rates.
If the Currency Version is being used by a Planning Version, then future exchange rates must be entered to cover the planning months.
Related Links
Setup Currencies in Apliqo FPM
Copying Rates from another Currency Version