Exchange Rate Types

Access this form using Maintain>Multicurrency>Exchange Rate Types.

Use this form to create custom exchange rate types, change a type's status, and/or set a default rate type.

 

Rate Type: Enter an exchange rate type or select one from the drop-down list. The system lists two predefined rate types—DSR and MAR.

• DSR (Daily Spot Rate) - The daily value of the currency. This is used on a daily basis.
• MAR (Monthly Average Rate) - The average monthly value of the currency. This is used to revalue over a period of time.

Status: Specify the status of the Rate Type. When creating a new type, accept the default status, A (Active), or select I (Inactive) or D (Discontinued) from the drop-down list. Below are valid status entries and their descriptions:

• Active (A) - Set a type to active when you want to use it throughout the system. Active types appear on reports.
• Inactive (I) - Set a type to inactive when you do not want to use it regularly, but you still may need to use it at some point. A warning message appears when you attempt to use an inactive type. The warning message is for notification only; you can still use the type throughout the system. Inactive types appear on reports.
• Discontinued (D) - Designate a type as discontinued when you no longer use it. You cannot select a type with a discontinued status; however, discontinued types appear on reports.

Description: Enter a description for the rate type.

Default Rate Type: Select this check box to set the rate type as the default. This rate type will be used as the default Rate Type on the Transaction Entry Session form (such as Transactions>Enter Cash Receipts or Enter Cash Disbursements), Activities>Revalue Multicurrency form, and Reports>Financial Statements>Any Financial Statement Report>Options Tab.