Master Records > Currency Code > Set Up Currency Exchange Rate

After setting up currency code records, you must set up the currency exchange rates for the currency codes maintained in AccountMate Enterprise. The Currency Exchange Rate Maintenance function allows you to set up these currency exchange rates. You can set up as many currency exchange rates for a particular currency code record as may be needed by your company.

To set up currency exchange rates, perform the following steps:

1.Access the Currency Exchange Maintenance function from the Currency group under the Maintenance main menu. The Search screen is automatically displayed when this function is accessed.

2.In the Search field, enter the currency code or the currency code's description that you want to set up with currency exchange rates. Alternatively, you may scroll up or down in the Search grid to locate the currency code; then, double-click the currency code to select.

Note: The currency code you selected in the grid will be displayed in the Transaction Currency field, for your reference. This will be considered as your base currency in setting up the currency exchange rates.

3.Click the List box button in the Target Currency field and select the currency code for which you want to create a currency exchange rate.

4.Enter in the Exchange Rates Come From field the subsidiary company's name from where to base the currency exchange rate.

Note: The Exchange Rates Come From field is enabled if the Currency Exchange Rate function is accessed inside a consolidation or parent company; otherwise, this field is disabled.

5.In the Daily Rates Page, enter the exchange rates and the effective date for each. To do this, perform the following:

5.1. Click the Append row to end button to activate a new line in the grid to allow you to add a new exchange rate record.

5.2. In the Effective Date field, accept or amend the default effective date of the exchange rate entry you are setting up. The default value in this field is the current system date. Note that you cannot edit the values in the Effective Date field once the currency exchange record is saved.

5.3. Enter in the Exchange Rate field the exchange rate applicable to the target currency selected. The default value in this field is 0.

Note: AccountMate uses the 1 Unit of Transaction Currency = N Units of Target Currency exchange method.

Example: Assume that your transaction currency is in US Dollars and that the selected target currency is in Australian Dollars. If 1 unit of US Dollar is equivalent to 1.42555 Australian Dollars, you should enter 1.42555 in the Exchange Rate field. On the other hand, if the selected target currency is Japanese Yen and 1 unit of US Dollar is equivalent to 108.615 Japanese Yen, you should enter 108.615 in the Exchange Rate field.

5.3. If you want to add other exchange rate entries, click the Append row to end button and enter the effective date and exchange rate in the applicable fields. You may enter as many exchange rate records as may be necessary. Note that AccountMate will not allow you to enter exchange rate entries having duplicate values in the Effective Date field.

6.If you want to set up exchange rate for a different target currency, click the List box button in the Target Currency field and select another currency code; then, set up the applicable exchange rate(s) and the effective date(s) in the grid below.

7.If you are accessing a consolidation company, you may access the Annual Rates page and review the currency exchange annual rates records that exists for the selected consolidation company's transaction currency-target currency relationship. The information in the grid are for reference use only:

oFiscal Year

The fiscal year information comes from the consolidation company's number of fiscal years maintained in AccountMate.

oAverage Rate

The average rate is the weighted average if multiple exchange rate records exists for the selected transaction currency-target currency relationship in a fiscal year.

oClosing Rate

The closing exchange rate and closing inverse rate for each fiscal year are the exchange rate and inverse rate with an Effective Date equal to that fiscal year's End Date of the Effective Date closest to but not later than the End Date.

Note: The Annual Rates Page is only accessible if the Currency Exchange Rate function is accessed inside a consolidation or parent company; otherwise, this page is disabled.

8.Once you have set up all the exchange rates for the currency code, click the Save button in the function toolbar to save your changes; otherwise, click the Cancel button.

Set Up Currency Exchange Rate

Set Up Currency Exchange Rate

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