Creating an Exchange Rate Set

FlexNet Manager Suite 2019 R1 (On-Premises Edition)

Each set of exchange rates covers every currency active in your enterprise, documenting a conversion rate for each of them against one selected as the reference rate. Each set also has a date when it comes into effect, superseding any previous sets.

As soon as you activate the second currency for your enterprise, there is a default "Standard Rate" created which defines relationships between every currency in use (it is updated each time a new currency is activated). The Standard Rate is used whenever no other exchange rate applies. It also lists every currency every active in your enterprise, including any currencies you have since retired. You can supersede (or override) the Standard Rate by creating new exchange rate sets, each with an effective start date. Each new exchange rate set automatically includes all the currencies that are active at the time they are created (but retired currencies are not included). Use this process to specify a new exchange rate set for all your currently-active currencies.

To create a set of exchange rates:

  1. Navigate to the system menu ( in the top right corner), click System Defaults, and select the Exchange Rates tab.
    This tab lists all the available sets of exchange rates (each covering your currencies when they were created). As soon as you activate your second currency, the Standard Rate is created (and dated for the date when you switched from single currency use to multi-currency use).
  2. Do either of the following:
    • If your new exchange rate set is closely related to an existing one, find the model one in the list, and click its copy icon (toward the right-hand end).
    • To start with a fresh set, click Create an exchange rate set.

    The appearance of the Exchange Rates tab changes to display the Create an Exchange Rate Set settings. (If you used the copy method, exchange rate values are the same as the model one.)

  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 addition.