Editing an Exchange Rate Set

IT Asset Management (Cloud)

To update any elements of an existing exchange rate set:

  1. Search for the Exchange Rates page.
  2. Locate the desired exchange rate set in the list, and click the edit (pencil) icon on its right-hand end.
    The appearance of the tab changes to display the Edit nameOfExchangeRateSet controls.
  3. Complete the following fields for your set of exchange rates:
    Field Comments
    Date Type (or use the down arrow to choose) the effective start date for this exchange rate set.
    Note: You cannot have more than one exchange rate set that start on the same date.
    Description Identify this set of exchange rates usefully: this text appears in the list of exchange rate sets.
    Reference currency The base for conversion rates with all the other currencies that are to be listed in this set. (This affects only this set, and not any other sets you define.) This value defaults to the reference currency you used for your previous exchange rate set (or the system default for the first one), but you may use the pull-down to choose a different one of the currencies active in your enterprise.
  4. In the list of active currencies, edit the exchange rate values for each non-reference currency, as at the effective date for this set. For each of these currencies, enter the amount of reference currency that one unit would buy. For example, with a reference currency of USD, in the line for AUD, you could enter the exchange rate of 0.84. This means that AU$1 is (on the effective date) worth US$0.84.
    Tip: You cannot change the exchange rate of the reference currency, which must remain at 1.0 in relation to itself.

    Take care that you enter the ratio of reference currency to active currency the correct way round. The ratio is always reference/active. Money markets may not quote their exchange rates in this same way. Consider these two examples:

    Reference currency Active currency Market quote Exchange rate column entry
    Yen Euro 165 Yen to 1 Euro 165/1 = 165
    US dollar Australian dollar AU$1.14 to US$1 1/1.14 = 0.84
  5. Click Save.
    The appearance of the tab switches back to show the list of available sets of exchange rates, including your most recent change.

IT Asset Management (Cloud)