FlexNet Manager Suite 2019 R1 (On-Premises Edition)
Each set of exchange rates covers every currency active in your enterprise,
documenting a conversion rate for each of them against one selected as the reference rate.
Each set also has a date when it comes into effect, superseding any previous
sets.
As soon as you activate the second currency for your enterprise, there is a default
"Standard Rate" created which defines relationships
between every currency in use (it is updated each time a new currency is activated).
The Standard Rate is used whenever no other exchange
rate applies. It also lists every currency every active in your enterprise,
including any currencies you have since retired. You can supersede (or override) the
Standard Rate by creating new exchange rate sets,
each with an effective start date. Each new exchange rate set automatically includes
all the currencies that are active at the time they are created (but retired
currencies are not included). Use this process to specify a new exchange rate set
for all your currently-active currencies.
To create a set of exchange rates:
-
Navigate to the system menu (
in the top right corner),
click System Defaults, and select the Exchange
Rates tab.
This tab lists all the available sets of exchange rates (each covering your
currencies when they were created). As soon as you activate your second
currency, the Standard Rate is created (and dated for the
date when you switched from single currency use to multi-currency use).
-
Do either of the following:
- If your new exchange rate set is closely related to an existing one,
find the model one in the list, and click its copy icon (toward the
right-hand end).
- To start with a fresh set, click Create an exchange rate
set.
The appearance of the Exchange Rates tab changes to
display the Create an Exchange Rate Set settings. (If
you used the copy method, exchange rate values are the same as the model
one.)
-
Complete the following fields for your set of exchange rates:
| Field |
Comments |
|---|
| Date |
Type (or use the down arrow to choose) the effective start date for
this exchange rate set. Note: You cannot have more than one exchange
rate set that start on the same date.
|
| Description |
Identify this set of exchange rates usefully: this text appears in
the list of exchange rate sets. |
| Reference currency |
The base for conversion rates with all the other currencies that are
to be listed in this set. (This affects only this set, and not any other
sets you define.) This value defaults to the reference currency you used
for your previous exchange rate set (or the system default for the first
one), but you may use the pull-down to choose a different one of the
currencies active in your enterprise. |
-
In the list of active currencies, edit the exchange rate values for each
non-reference currency, as at the effective date for this set. For each of these
currencies, enter the amount of reference currency that one unit would buy. For
example, with a reference currency of USD, in the line for AUD, you could enter
the exchange rate of 0.84. This means that AU$1 is (on the effective date) worth
US$0.84.
Tip: You cannot change the exchange rate of the reference currency,
which must remain at 1.0 in relation to itself.
Take care that you enter the ratio of reference currency to active currency
the correct way round. The ratio is always reference/active. Money
markets may not quote their exchange rates in this same way. Consider these
two examples:
| Reference currency |
Active currency |
Market quote |
Exchange rate column entry |
| Yen |
Euro |
165 Yen to 1 Euro |
165/1 = 165 |
| US dollar |
Australian dollar |
AU$1.14 to US$1 |
1/1.14 = 0.84 |
-
Click Save.
The appearance of the tab switches back to show the list of available sets of
exchange rates, including your most recent addition.