Option 2Exchange Rates

You can use this function to enter currency codes, descriptions, and exchange rate information for foreign currency processing. These rates are assumed to be current and are used when the system generates exchange or translation gains and losses.

You should enter foreign exchange rates on a regular basis, if you are using foreign currency. These entries are the default values used when translating foreign journal entries to domestic currency. Any default value may be changed during transaction entry.

When you use this function, a record of all entries will be printed. For additions, all new field contents are printed; for deletions, the deleted record’s contents are shown; for changes, both old field contents and new field contents are shown; and in all cases, the User ID, date, and time are printed.

The screen shown below presents information about Exchange Rates.

This file contains rates for foreign currencies. These rates will default as the current exchange rates for foreign currency transactions entered into the system.

Initial Setup Exchange Rates screen

When the key value for a particular record is requested, you can review all the records in the file by selecting the Scan option. The records will be presented on an “Access” screen, and you will be allowed to scan the available data until you find the record you want. Then, position the cursor by that record and press ENTER; the record will be displayed for editing.

Note that the Audit Info option is available at the bottom of this screen. When this option is invoked, the Audit Information overlay appears and displays the date the record was created and who created it, as well as the date the record was last modified and who modified it. Press the END key or the RETURN key to clear the overlay from your screen. The information displayed in the Audit Information overlay is system-supplied and non-modifiable.

Data items for the preceding screen are described below:

Currency Code

Alphanumeric, up to 6 characters Required Scan by this field (access key)

Define a unique code for this foreign currency.

Description

Alphanumeric, up to 30 characters

Describe the currency.

Short Description

Alphanumeric, up to 9 characters

Identify this foreign currency. This description will be printed on Accounts Payable checks.

Exchange Rate

Positive number, up to 6 digits and 8 decimals

This is the current rate of exchange used for this currency. Rates are based on the home (domestic ) currency. For example, if Canadian currency is presently worth .78 of U.S. dollars, and if U.S. dollars is your home currency, then you would enter ‘.78’.

Last Translation Date

Date and time (YMDHMSH)

The system displays the date that the last Generate Currency Translation function was run for this currency.

Last Translation Rate

Positive number, up to 6 digits and 8 decimals

The system displays the exchange rate used during the last Generate Currency Translation function for this currency.

Press ENTER to save the information on this screen.

Select the Next Record option to go to the next Exchange Rates record.

At this screen, the use of the MODE keys - ADD, DEL, CHG, or INQ - pertain to those records in the Exchange Rates file.