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Context
Context
When tracking financials in The Anywhere Platform, those financials can be tracked either in the organization's base reporting currency or a local currency. Foreign Exchange (FX) rates are applied against financials tracked in a local currency to convert them into the base currency for reporting purposes. FX rates have an effective date from when they apply.
As well as defining the FX rates, this page also defines the local currencies in use for the team or organization.
Accessing this page
Accessing this page
The dashboard can be accessed from the Administration Workbench. From the menu, select Admin Center under the Administration section.
From the administration workbench, select FX Rates from the Time and Finance section.
Adding a currency
Adding a currency
Currencies defined on this page are ones which are enabled for use on entities which track financial data.
Click on the '+' icon labelled 'Add Currency' at the bottom of the FX table
Adding a new rate
Adding a new rate
To create a new rate with a new effective date click on the '+' icon labelled Add Date. This will add a new date column with the date defaulted to 1 day later than the existing most recent date and a default rate of 1 for all currencies.
Change the date in the header column to set the effective date for the rate. Change the rate for each of the currencies accordingly.
Click on Save when done.
Adding a new rate will impact entities with financials beyond the date of the new rate. Whereas those financials were originally calculated with the previous rate, there will be a recalculation of financials in periods that occur after the effective date of the new rate.
Due to the potential impact on existing financials, it is important to make end users aware of any FX rate additions or changes.
Working example:
Default/base currency GBP. Project ABC in region 'US' has local currency USD. Effective date 01-Jan-2024, rate GBP/USD is 0.8.
Project has $1000 of monthly software licence costs from 1-Jan-2024 to 31-Dec-2028. Total in local currency of $60,000
At 01-Jan-2024 the total in base currency will be £48,000 calculated as: (60 months * $1000)*0.8
A new rate is added from 01-Jan-2025 of 0.75. At the point this rate is added the total in base currency for project ABC will change to £45,600 calculated as: ((12 months * $1000)*0.8) + ((48 months * $1000)*0.75)
Editing an existing rate
Editing an existing rate
To change an existing rate, click on the cell of the currency and date to be changed.
Enter the new rate and click on Save when done.
Due to the potential impact on existing financials, it is important to make end users aware of any FX rate additions or changes.
Working example:
Default/base currency GBP. Project ABC in region 'US' has local currency USD. Effective date 01-Jan-2024, rate GBP/USD is 0.8.
Project has $1000 of monthly software licence costs from 1-Jan-2024 to 31-Dec-2028. Total in local currency of $60,000
At 01-Jan-2024 the total in base currency will be £48,000 calculated as: (60 months * $1000)*0.8
On 01-Jun-2024 the rate for USD effective 01-Jan-2024 is changed from 0.8 to 0.78. From this point on, the total in base currency for project ABC will be £46,800 calculated as: (60 months * $1000)*0.78
Setting the default (reporting) currency
Setting the default (reporting) currency
To set the default currency, click on the Default checkbox of the currency that is to be the defaut.
Click on Save when done.
Deactivating rates and currencies
Deactivating rates and currencies
Currencies and rates cannot be deactivated. If a currency is no longer to be used, it should not be selected from the list when setting up an entity that is tracking financials.
Recalculation of existing financials
Recalculation of existing financials
When a new rate is added or an existing rate is changed, existing financials are recalculated by the financial rollup service.
The financial rollup service is triggered in the following scenarios:
A user makes changes to the financials for an entity and saves the changes.
A user publishes changes made in the Resource Balancer
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