on 05-24-2011 9:59 AM
Hi Expert,
I'm having a problem on change of currency during the year..for example, during DEC.2010 my ENTITY is currently tag as POUND, then on MAY.2011 it change to EURO. i want to retain the data of DEC.2010 to APR.2011 as POUND, but in MAY.2011 onwards data it should be EURO including all the FLOWS.
can someone please help me or give me a solution on how to make this possible..
Thanks very much..
Regards,
ZubZero
Utilize specific rate in your currency conversion for that Entity.
Since the Entity's currency property has been changed to EURO, for the rate on DEC.2010 up to APR.211, you maintain the EURO rate with POUND rate for that Entity.
Halomoan
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Hi,
In most cases you load all your FX rates to GLOBAL rate entity. These are used in case of all convesrions. However you can can define additional entities in theory so that each entity has its own FX rate table.
So, if you define new rate entity for given entity you can define new rate without changing the entity currency. As per the example above, your rate table might look like this:
GLOBAL
2011.MAR 2011.APR 2011.MAY 2011.JUN
EUR 1 1 1 1
GBP 1.5 1.5 1.5 1.5
YOURENTITY
EUR 1 1 1 1
GBP 1.5 1.5 1 1
In this case all entities would still use GLOBAL rates where "normal" FX between EUR and pound is available. Your entity, however, can use specific rate tables where GBP is "mascqueraded" to be EUR just by maintaining fake rates. Starting from MAY 2011 all LC amounts entered towards the entity would be translated using the rate 1 instead of actual EUR/GBP rate thus making it possible to manage the change of the local currency.
Hope this helps
Madis
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