Examples of Transaction Rate Default options in the Exchange Rate Table Setup Window

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Question:

How does the system determine the exchange rate if I select
Exact Date,
Previous Dateor
Next Date?


Answer:

Exact Date -If you want the default exchange rate only to be an
exchange rate withthe same date as the transaction date. If there is no exchange rate for the transaction date, there will be no default exchange rate. You will be required to select an exchange rate from the available exchange rates or enter a new exchange rate, if allowed (Multicurrency Setup).
The transaction date and the date of the exchange rate have to be the sameand then it will pull the exchange rate.


Previous Date- If you want the default exchange rate to be the rate for the transaction date or the rate for the closest previous date. If an exchange rate exists for the transaction date, that rate will be used as the default exchange rate. If no rate exists for the transaction date
, the rate for the closest previous date that hasn’t expired will be used.You may also enter the number of previous days that you want to search for an unexpired exchange rate.


The system will look at the transaction date and look to see if there is an exchange rate with that date and then it will pull the exchange rate if there isn't an exchange rate that has the date on it it will go and look for the previous exchange rate and make sure it hasn't expired yet, if it has it will continue to go back until it finds an unexpired rate.If it can't find a previous unexpired rate it will go
forwardand look.If it doesn't find anything forward you will get prompted to enter a new exchange rate.


Next Date- If you want the default exchange rate to be the rate for the transaction date or
the rate for the closest date after the transaction date. If an exchange rate exists for the transaction date, that rate will be used as the default exchange rate. If no rate exists for the transaction date, the rate for the closest date after the transaction date will be used. You’ll also need to enter the number of previous days that you want to search for an unexpired exchange rate.


The system will look at the transaction date and look to see if there is an exchange rate with that date and then it will pull the exchange rate if there isn't an exchange rate that has the date on it it will go and look for the next exchange rate and make sure it hasn't expired yet, if it has it will continue to go forward until it finds an unexpired rate.If it can't find a next unexpired rate it will look for a prior exchange rate.If it doesn't find anything prior you will get prompted to enter a new exchange rate.


Example when Previous Date is selected Rate Frequency: Quarterly


The following rates have been setup:


Rate Date Rate Expiration Date

01/01/01 0.70 03/01/01


05/01/01 0.80 08/01/01


06/01/01 0.85 09/01/01


07/01/01 0.90 10/01/01




The document date is06/15/01
1)The system checks if there is a rate with a rate date of06/15/01, since it doesn’t find one.


2)The system checks next for a rate with a previous date and the rate has not expired.


3)The system will use as the default rate of 0.85 from 06/01/01 that expires on09/01/01.


The document date is11/15/01
1)The system will prompt you for a default because there is no exchange rate for 11/15/01, checking for a previous date will result in using the 07/01/01 rate but this rate has been expired as of 10/01/01. The system will prompt you for a rate.




The document date is4/15/01with the Search For Unexpired Rates Option set to
10 days


1)The system will prompt you for a valid exchange rate because there is no rate for 4/15/01 and the previous rate which would be as of 01/01/01 has been expired, the system will look forward for 10 days until4/20/01 but there is not a valid exchange rate until 05/01/01.


The document date is4/15/01with the Search For Unexpired Rates Option set to
20 days


1)The system selects 0.80 as the default rate.


2)First it will check for a rate for 04/15/01


3)Then it looks back if there is a valid exchange rate (checks 20 days back)


4)Then it looks forward within a date range of 20 days, until05/05/01. Since there is a valid exchange it will default the 05/01/01 rate for 0.80.






This article was TechKnowledge Document ID:21898
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ID d'article : 871935 - Dernière mise à jour : 28 mars 2016 - Révision : 1

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