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      2. Setup Files
      3. Currencies

      FX Monthly Report Rates

      How to create monthly report FX rates to apply to financial reports and run reports using them

      How to create monthly report FX rates
      • Go to Setup Files/Currencies
      • Click on the link FX Monthly Report Rates
      • Click on CREATE A NEW CARD
      • In the next field 
        • Select the Accounting Year the rate card will apply to
        • Enter a description for the Rate Card 
        • Select the Currency Code/s that you wish to enter the rates for
        • Select from the 2 options  for the rate card ie
          1. Apply Rate based on YTD Month
          2. Apply Rate for each month
        • Check the box to the left of the Currency 
        • Enter the rates for the selected currency/s for each month
        • Click "SAVE & CLOSE

      If you select Apply Rate based on YTD Month the system will apply the rate set in the rate card for the selected month, for the entire period of the report for eg let's say you run a YTD report to April , the system will apply the rate set on the rate card for April, to every month in the report. In other words, if you ran a report in USD and the USD rate was 0.75 on the monthly rate card for April and you ran the report to the April month end, then all USD data for the report for all months would be converted at 0.75.

      If you select  'Apply Rate for each month' then each month of data in the report would be converted at the rate set for the relevant month in the rate card. So taking the example above, if you ran the report to the April month end, and the rate set for USD for  January was 0.73,  February  0.74, March 0.75 and April 0.75,  the data for January would be converted @ 0.73, February @ 0.74 and March and April @ 0.75.


      How to run reports using Monthly FX Report Rates

      Various General Ledger reports can be run applying the Monthly FX Report Rates.

      • From the specific reports menu eg Month and YTD Profit & Loss Report, check the button  CONVERT TO SELECTED CURRENCIES
      • In the field MONTHLY REPORT RATE CARD select the Monthly Report Rate Card that you wish to apply to the report
      • The FX values will be converted applying the Monthly Report Rate Card rates,  in accordance with how the rate card has been set ie either on a YTD basis or a Monthly basis.