Enter Currency Rate

Explanation

This activity is used to enter or manually update the currency rates for the currencies used within a company. Exchange rates are specified for each currency in the applicable currency rate type. This task should be performed by a system administrator or equivalent person.

You can view rates that are valid only for today's date or view all currency rates for a specific currency code. This is useful when comparing a currency code's changes over a period. You can also automatically update currency rates using the Currency Update Assistant.

Prerequisites

In order to perform this activity:

• The currency code used as the reference currency when entering currency rates should be defined in the Currency Codes window.
• The currency rate type for which the the currency rates are entered should be defined in the Currency Rate Types window.

System Effects

As a result of this activity, the currency rates entered will be available to be used throughout IFS Applications when converting amounts.

Window

Currency Rates

Related Window Descriptions

Currency Rates

Procedure

To enter a currency rate for a currency type:

1. Open the Currency Rates window and search for the currency rate type for which you want to enter currency rates.
2. Create a new record in the table.
3. Enter the currency code for which you want to specify a currency rate in the Currency Code field.
4. Enter the currency rate in the Rate field.
5. Modify the date displayed in the Valid From field if required.
6. In the Conversion Factor field, enter the number of units in reference currency to which the currency rate applies.
7. Save the information.