PS: Managing Currency Exchange Rates & Cross Pairs

The Hook:

• Use this workflow to establish conversion relationships (Cross Pairs) between currencies and set their specific exchange rates.
• This process is required to enable multi-currency reporting. You must define how two currencies relate (e.g., USD to CAD) before defining the numerical value of that relationship.

 

Prerequisites:

• Permissions: Requires Corporate Admin access.
• Setup: Currencies must already exist in the Currency screen.
• Configuration: Only currencies marked as Is Reporting in the Currency screen are available for Cross Pairs.

 

The Steps:

Phase 1: Creating a Cross Pair

1. Navigate to the Corporate menu and select Admin > Exchange Rates.
2. Click the (+) Add icon to create a new row.
3. Click the Edit (Pencil) icon next to the Code column.
4. Select the Functional Currency (the property's base currency) and the Reporting Currency (the target currency for reports).
5. Select the FX Type from the dropdown:
   1. ME: Month End
   2. MA: Month Average
   3. YR: Annual/Year
   4. MO: Month (Legacy/Specific assignment)
6. Check the Is Active box.
7. Click the Save icon (or press Ctrl + S) to save.

 

Phase 2: Entering Conversion Rates:

1. Click the Options icon on the Exchange Rates screen.
2. Select the View dropdown and choose the frequency matching your Cross Pair (Day, Month, or Year).
3. Click the Green Check Mark.
4. Locate the row for your Cross Pair and the specific Period column.
5. Enter the exchange rate value (up to 8 decimal places).
   • Tip: You can Copy/Paste (Ctrl+V) or use Ctrl + Arrow keys to fill multiple cells.
6. Click Save to confirm changes.
   • Note: Cells with a red outline indicate unsaved data.

 

The Result:

• Success: The system will now use these rates to convert financial data in reports for the specified periods.

 

Troubleshooting:

• Currency missing from dropdowns: Navigate to the Currency screen and ensure the Is Reporting box is checked for that specific currency.
• Rates defaulting to 0.00000000: Future year rates default to zero until manually entered or uploaded via a service.
• Cross Pair became Inactive: If a Currency is deactivated in the main setup screen, all associated Cross Pairs automatically deactivate. You must manually re-check Is Active on this screen after reactivating the main currency.