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Budget FX Rates – How to Set Up and Use

Budget FX Rates are used to define fixed exchange rates for budgeting and forecasting. These rates ensure consistency in budget reporting and prevent fluctuations from impacting budget vs actual comparisons.

Why It Matters

  • Ensures consistent budget reporting

  • Removes FX volatility from forecasts

  • Supports accurate budget vs actual analysis

 

How Budget FX Rates Work

Budget FX Rates are set per:

  • Accounting Year

  • Budget Version

  • Currency

These rates are applied when running budget and forecast reports.

 

How to Create a Budget FX Rate

Step 1

Navigate to:
Set Up Files → Currencies → Budget FX Rates

Step 2

Click New Budget FX Rate

Step 3

Enter the required fields:

  • Accounting Year

    Select the year the rate applies to

  • Budget Version

    Select the relevant version (e.g., Original Budget, Forecast)

  • Currency

    Select the foreign currency being converted

  • Budget FX Rate

    Enter the fixed exchange rate

Step 4

Click Save or Save & Close

Example

If you set:

  • Currency: USD

  • Budget FX Rate: 0.75

All USD values in the selected budget version will be converted at 0.75 for reporting purposes.

Best Practices

  • Define rates at the start of the budget cycle

  • Keep rates consistent across the same budget version

  • Update rates only during reforecasting cycles

  • Align with finance-approved assumptions

Key Concept

Budget FX Rates are fixed by year, version, and currency, ensuring stable and consistent budget reporting.