Service Accounting Component supplies the Accounting, Configuration, Exchange Rates table. By default, this table displays exchange rates for the current time period. You can also view any previously defined exchange rates for earlier or future periods.
Using this table, you manage exchange rates for the currencies that are used in your implementation. The exchange rates are relative to the US dollar. The Catalog system uses these exchange rates to produce invoices for each account. The invoices are produced in the currency of the business unit to which the account belongs.
All exchange rates are relative to the US dollar. When you convert from one currency type to another, the system first converts the catalog amount to US dollars. Next, the system converts the amount to the currency type of the account.
By default, the exchange rates for all currency types are set to 1.0. This setting means that the exchange rate for each currency type relative to the US dollar is 1.0.
Updates to exchange rates apply to the entire system. You cannot specify different exchange rates for different business units.
You can update exchange rates in Service Accounting Component when the official exchange rates change. Updates to exchange rates apply to the entire system. You cannot specify different exchange rates for different business units.
Follow these steps:
(Optional) Delete an exchange rate for a date range.
Important! Deleting all exchange rate entries for a currency name deletes that currency name from the Exchange Rates table completely! You cannot use the GUI to restore a deleted currency name. Therefore, use caution when deleting exchange rates from the table.
(Optional) Delete a currency name from the exchange rate table if your implementation does not need the currency.
Note: Delete currency names with caution, because you cannot use the GUI to add a missing or deleted currency name.
(Optional) Add an exchange rate for a date range to provide a periodic update or to prepare for the start of the next billing period.
Note: You cannot add a new exchange rate that overlaps the same date range as any existing exchange rate.