On this screen you enter each currency in which you maintain a set of accounting books or in which you plan to invoice. In addition to specifying the currencies you use, you specify the exchange rate to your installation's base currency. Your base currency is denoted in bold and is established at installation creation time. It cannot be changed. If your business operates in more than one currency, you can simply add additional currencies. The base currency is used for all FX conversions. It is also the default currency used in all reports.
Most organizations choose to update their exchange rates periodically. FX rates are locked in at the time an expense is approved, so we typically see organizations update their FX rates twice for each time period that they track. For example, if you track your FX rates monthly you would set a spot rate on the first day of the month. Then on the last day you would look at what actually happened and enter a new, averaged rate for the month. Talk to your controller if you need help determining the process for FX updates. In addition, you might consider automating this process by leveraging our OpsImportFxRates web service.
This form is reached by choosing View | Administration | Setup heading | Currencies and FX Rates
Permissions and Settings
To make changes on this tab you must have the global permission Currencies and Foreign Exchange Rates set to Update.
You cannot future date exchange rates.
Currencies are applied to:
|Companys||Each company has a currency associated with it. Once a currency is applied to a company, it cannot be changed. The currency you choose for your company should match the currency its accounting books are kept in.|
|Locations||Locations only come into play when filling out expense documents. The incurred location determines what Projector thinks the default incurred currency will be. For example, if a cost card's location is in Ireland, we'll assume you paid in Euros. See the location editor if you wish to change the default currency.|
Each engagement has a rate card. The currency of that rate card determines:
FX rates for invoiced expenses are determined by the engagement's billing currency and the incurred currency. The FX rate is locked in place at the moment a time card is approved. A recalculation can be forced by unapproving and reapproving the expense or by transferring it to a project (including the project it is already on). Please see the FX Rates, Expenses, Invoicing, and Reports help page to learn more about how FX rates work with invoicing.
Reports use the bolded currency by default. If you choose to change the report currency, then the FX rates specified on this page are used for conversion.
FX rates for expense entry can be driven by this editor, by a spot rate feed, or by manual entry. Please see the FX Rates, Expenses, Invoicing, and Reports help page to learn more about how FX rates work with expense reporting. Although expense reporting can be driven by the FX rates specified here, most organizations are best off using our XE.com spot feed.
The main screen shows all the active currencies in your installation. Here you can add, edit, delete, and inactivate them. To view inactive currencies, tick the Inactive checkbox.
Click the Add Currency box at the bottom of the main window.
Double click on any currency. See below to learn more about the editor.
Right click on any currency and choose Delete Currency. You cannot delete your base currency, the one in bold. If a currency is in use on a rate card then you will not be able to delete it. You should inactivate it instead.
Edit any currency and tick the Inactive checkbox. You cannot inactivate your base currency, the one in bold.
Mass Update Exchange Rates
Most organizations will update all their exchange rates at the same time. Often once a month. In order to expedite this process Projector provides a dialog where you can update all your FX rates for a single date at once. To start, click the Update Foreign Exchanges Rates button at the bottom of the browser.
In the dialog, choose a new Effective Date. In one of the Value columns enter the FX rate. The other column will autocalculate. FX rate changes only affect expenses that are approved after your changes or are transferred after your changes.
You cannot future date FX rates.
When you edit a currency you are presented with the following dialog. It contains a history of all your FX rates. See the table below for an explanation of each control. FX rate changes only affect expenses that are approved after your changes or are transferred after your changes.
|Currency||This field is only editable when you are adding a new currency. If a currency you require is not listed, please contact Projector support to see about having it added.|
|Currency Code||This field is used for mapping your currency to your accounting package. In general you should not need to edit this field. Projector auto-populates it based with the accepted ISO code based on the choice you made in the currency dropdown list. The only time you would need to change it is if your accounting package uses non-ISO currency codes.|
|Begin Date / End Date||As your exchange rate history can become very long over time, you can query for a subset of that data by entering a start and end date. You cannot future date exchange rates.|
Edit time periods or add new time periods by clicking the ellipsis button, (...). You can only choose a date before today. That's because you can't know the rate in the future! Typically you only add rates for new, future periods. But occasionally you may want to edit historical rates. In these cases two special circumstances may arise.
If you select a date that is between two existing dates then Projector needs you to decide how you want to fill the gap in time. You can either move the previous period forward, or the next period back.
If you select a new date that completely consumes an existing period, then Projector warns you. The period dates will shift and any completely overlapped periods are removed.