Rate Maintenance
The Rate Maintenance window enables you to set up and maintain the Currency exchange rates.
Using the menu bars, you can display either the Direct Rates, Triangulated Rates to Euro or the 2nd Base rates, or you can display All Rates, Current Rates, or the rates for a particular Currency Symbol.
If you are using Dimensions with Access Workspace, you are able to Download Rates (see below).
Use date sensitive rates
If you wish to use date sensitive rates, you should tick this option. You will be asked to confirm this action. If this option is selected then the following will apply:
When a currency transaction is entered, the software will look at the exchange rates for that currency and select the rate with a date that is in effect for that transaction. This is for the Currency rate and the 2nd Base rate.
The rate selected for the Currency is the suggested default, but this can be changed to any rate if required.
The rate selected for the 2nd base is always based on the date, as this cannot be changed by the user.
If there is not an effective rate then a message is displayed saying 'There is not a current exchange rate for 2nd Base'. After this error message is displayed, you have the choice of either cancelling the transaction or changing the date so that a valid 2nd Base rate is displayed.
A US$ invoice is entered for 19th March. Exchange rates exist for 1st March and 20th March. The rate for the 1st March will be used. The rate field will be skipped but it will be possible to tab off to select another rate if required. If you change the transaction date, then the rates will be checked again to see if there is a different rate to be displayed. If so, the new rate will be displayed, entry will continue from the date entry field as normal.
If there are 2 rates for the same currency with the same date, then the last one entered will be the one selected. The rule is that there must be a rate in force at the time of the transaction entry.
If there is only a future rate, the message will still be given, as future rates are not yet active.
Code
The Code field allows for 6 characters. This 6 characters is made up of 3 characters to identify the ISO currency, and the remaining characters to identify historical rates.
Download Rates
This option is only available when you are using Dimensions with Access Workspace. Select the button to open the Currency Control window.
To enter a new Rate:
Select the Symbol of the currency to be used from the All Rates menu bar.
Select the last Rate in the displayed list.
Click on Edit.
Either tab through the fields for the last entry to the next (blank) entry, or click directly on the line below the last entry.
Enter the details of the new Rate, (or Rates), and when you have finished, click on OK.
Alternatively, if you are using Dimensions with Access Workspace, select the Download Rates toolbar button, which retrieves the current rates from the Internet.
Situations where you do not enter a Date
When a date is not directly entered e.g. Stock Prices, then the system date will be used to get the correct exchange rate.
A Triangulated currency will only select from the Triangulated Rates and a Direct currency will only select from the Direct rates.
The rate held on the Customer and Supplier account will be ignored, but the currency on the Customer or Supplier account for the rate selected will dictate which currency the system uses to find the Rate for the current Date.
Currency Control
Currency Control consists of a window with a toolbar. the screen contains a list of currency rates, which are the latest 2nd Base Exchange rate and the latest Direct rate for each currency in the database.
Toolbar
Options
Create new rate - (default) If this option is selected when rates are updated, a new rate is created for each currency with the new exchange rate. Currency codes are set to ISO Code and appended with the next incrementing number (e.g. USD1). Sales and Purchase Analysis is set to the defaults for the currency.
Change most recent rate - If this option is selected then when rates are updatated, the latest rate for each currency displayed in the Currency Control list is updated with the new Exchange Rate. Last Update date is updated with the current rate.
Prompt me to update Exchange Rates on logon - If this option is enabled, when you log on, you are prompted to update Exchange Rates. If you select yes, the Currency Control window is opened. When the Currency Control window is closed then your normal startup module is shown.
Refresh
This finds the latest exchange rates for each currency and populates the Proposed Rate field and the Effective From field for the relevant currency.
Rev Debt
Opens the Revalue Debtors screen with the currency set to the currency selected in the list. If no currency is selected in the list then on selecting this option you are prompted to select a Currency. If multiple records are selected in the list then the currency is set to the first selected currency. Exchange Rate is set to the Proposed Rate; if Proposed Rate is currently empty then Current Rate is used instead.
Rev Cred
Opens the Revalue Creditors screen with the currency set to the currency selected in the list. If no currency is selected in the list then on selecting this option you are prompt to select a Currency. If multiple records are selected in the list then the currency is set to the first selected currency. Exchange Rate is set to the Proposed Rate; if Proposed Rate is currently empty then Current Rate is used instead.
Rev Noms
Opens the Nominal Revaluation screen with the currency set to the currency selected in the list. If no currency is selected in the list then on selecting this option you are prompt to select a Currency from the list. If multiple records are selected in the list then the currency is set to the first selected currency. Exchange Rate is set to the Proposed Rate; if Proposed Rate is currently empty then Current Rate is used instead.
Copy current rates
Copies the Current Rate to the Proposed Rate field and current date to the Effective From field.
Update
Commits the changes that have been made: Proposed Rate will be updated to Current Rate and Effective From will be updated to Last Update. These changes are visible in the Rate Maintenance list when the Currency Control screen is closed.