Entering Foreign Exchange Rates for each Period
You can set separate foreign exchange rates for fiscal periods and their subperiods. Exchange rates set for fiscal periods can be separate from those set for their subperiods, even if the period is based on its subperiods as defined in the Engagement Properties.
For example, the foreign exchange rate set for the first quarter of a year may be different from each month in that quarter and from the exchange rate for the year. This can be beneficial in a monthly or quarterly engagement file.
Once individual exchange rates are defined, the automatic documents respect the correct rates when displaying each type of balances.
Prerequisites
Client File uses the following Report Dates Sequences set in Engagement | Properties:
- Monthly
- Quarterly
- Semi-Annually
Procedures
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Select the period date sequence from the
Period Context Selector . -
On the Account tab, in the Balances group, click Trial Balance and then select the Foreign Exchange tab.
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Select the Current Rate column, right-click and select
Expand. -
Enter the appropriate foreign exchange rates for each period of the period date sequence.
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Where applicable, select a period from an additional period date sequence and enter the appropriate foreign exchange rates.
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Press ESC to return to the Foreign Exchange tab.
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Repeat for additional columns (Prior Rates, Budget Rates, Forecast Rates, etc.).
Results
Foreign exchange rates are set for the engagement file.
