Handling of Automatic Update of Currency Rates via Assistant

Explanation

Use this activity to automatically update currency rates in one or several companies by reading a text file that contains the rates.

This assistant will guide you through the different steps. Note the following:

• The rate update can be executed directly on line or in batch mode. In order to perform batch mode execution, the system parameter UTL_FILE_DIR for IFS/Accounting Rules must already have been defined. Batch mode execution makes it possible to update the currency rates on a regular basis.
• The update can be performed for one single company or for several companies. In the latter case, the execution must be made on a so-called task identity. There is a separate form where these task identities and connected companies can be defined.
• A file template is used to read the currency rate file. The file template is defined in the External Files tool box in IFS/Accounting Rules. Every installation of IFS Financials will define some system templates; one template for a standard currency rate file and another one for a standard Finnish currency rate file.
• The rates will be defined with respect to the reference currency code that is associated with the currency type. The currency type is specified in the assistant or via the referred task identity.
• The file base currency must be available in the file and does not need to be the same as the currency code associated with the currency type. All rates in the file must be defined relative to the file base currency. If the file base currency differs from the reference currency associated with the currency type then all rates will be re-calculated before defined in the company. The rate will also be modified with respect to the actual conversion factor for each currency as defined in the company unless it is specified in the assistant that the conversion factor has already been applied in the external file.
• Rates in the file might be inverted with respect to the file base currency.
• If the processing is ordered in batch mode, then the execution can be scheduled.

A currency file must contain the following:

• Currency Code
• Currency Rate
• Valid From Date

An External File template must be defined that specifies how the file should be interpreted. Two different External File definitions are pre-defined:

• STDCURR 
  This is the standard text file described in the examples below.
• FINCURR 
  This is the text file used in Finland.

In the External File Template window in IFS/Accounting Rules, it is possible to define other file templates.

Example 1 - File Base Currency EUR:

The file my_currency_eur.txt has EUR as its File Base Currency and the rate for this currency must always be set to one (1). It is mandatory to have a line containing the File Base Currency in the file. In this case, the rates in the file are not inverted, even if the currency EUR is set as Inverted Quotation in the Currency Rates window. The files does not handle the Conversion Factor, which means that the rates in the file should be treated as if the Conversion Factor is always one (1). The system will calculate the correct currency rate based on how the Currency Code (and the Conversion Factor) is defined in the application. In the example, "1 SEK is equal to 0.15 EUR", is how you should read the information from the example below.

The file my_curr_eur.txt:

EUR; 1 ;1999-01-02;
USD ;1.1 ;2000-09-01;
SEK ;0.15 ;2000-09-30;

Example 2 - File Base Currency USD:

In this example, the file my_currency_usd.txt has USD as its file base currency.

USD; 1; 2000-10-01;
SEK; 0.13; 2000-10-01;
EUR ;0.9; 2000-10-01;

Prerequisites

In order to perform this activity, at least one company for which currency codes are already defined must exist.

System Effects

The currency rates will be updated for the currency type that is defined for each company. Once the update has been executed, the new rates are used by all functions in the system where currency rates are handled.

Window

Currency Update Assistant
Tasks for Currency Updates
System Parameters for Accounting Rules

Related Window Descriptions

Currency Update Assistant
Tasks for Currency Updates
System Parameters for Accounting Rules

Procedure

1. Select online or batch processing.
2. Define the parameter set ID. The default parameter set ID for the external currency file type will be suggested.
3. Define the file template to be used when interpreting/unpacking the file.
   A file template will be suggested if one has been defined. (See the window description for the Currency Update Assistant in IFS/Accounting Rules).
4. Define the input file name. If the template has a defined default client path and file name, and if the file location is accurate, then this file path and name will be suggested.
   Click Browse to select a file on the network.
5. Define the file base currency, i.e., the currency that the currency rates in the file are related to. By default, the base currency for the current user's company, or the company defined by the parameter set, is selected.
6. Specify whether rates in the file are inverted or not.
7. Specify whether the conversion factor has already been applied in the external file.
8. If execution is based on task identity, then define the task identity to be used.
9. Otherwise, 

• Defined company. The current user company or the company defined by the parameter set will be suggested.
• Define the currency type that will receive the currency rates.

9. If Online processing, then click Finish to start the execution.
10. If batch processing, then click Next to view a page where the batch scheduling can be defined before clicking Finish to start the execution in batch mode.