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.