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 SERVER_DIRECTORY
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.
- STDFICURR
This is the text file used in Finland.
In the External
File Template page 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 page. The file 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.