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If your agency does business with foreign Clients or Suppliers and you have created Currency Codes to transact with them, you will need to configure Exchanges Rates for each code too.  This information needs to be updated regularly by the agency's Financial Controller. 

Foreign currency values in documents such as Supplier Invoices and Tax Invoices will always be calculated against the Exchange Rate in effect on the creation date of the document.  Whatever changes are made on the Edit Exchange screen, Chase is able to track. 


 Screen layout

Edit Exchange Rate screen

Edit Exchange Rate dialog

If a CE is quoted in a foreign currency, the home currency equivalent will display on all the Chase related list reports, whilst the CE will display in the foreign currency.  NOTE: The CE will use the Selling Rate and the PO will use the Buying Rate.

When actual billing takes place, the most accepted policy regarding exchange rate is that the rate will be as is on the day.  This could either result in an additional profit or loss for the agency.  Policies may vary and will depend on the agreement between the Client, Agency and Supplier.


 Field Help

Edit Exchange Rate screen

Buttons

This will update the rate keeping the current start date (i.e. replace it).

This will keep the old rate prior to the Active on date and apply the new rate from that date onwards.

The date that the edit exchange rate is updated.

Add a new line record at the bottom of the grid.

The Save button is used to save changes made to this screen.

This button is used to discontinue any changes to the line.

This button will reset any changes made to a line.

Edit Exchange Rate Columns

Columns

Description

Currency

A system of money in general use in a particular country.

Bank Buying

The buying rate is the rate which a trader would buy an amount of a foreign currency. They would then sell the currency at the selling rate to an individual or a company.

Bank Selling

The rate at which a currency is sold.

Start Date

The date that the exchange rate is updated.

Last Modified

The date that changes were last made to an individual record.


Edit Exchange Rate dialog

Fields

Description

Change Currency but leave amount

If the amounts were populated correctly, but the currency symbol needs to be changed, this option will allow the document to retain the same number value and just set the correct exchange rate.

Convert Amount and display in new currency

Select this option if the currency amount on the created document is correct, but needs to be presented in a different currency.

Currency Code

Three-letter alphabetic codes that represent the various currencies used throughout the world.

Exchange Rate

The value of the currency selected on the Currency Code field.

Tax Rate

The percentage at which an individual or corporation is taxed. The tax rate is the tax imposed by the government based on an individual's taxable income or a corporation's earnings.

Bank Charges

  1. By default, this is ignored and the agency will absorb the costs.

  2. Should the costs of exchange be included, the option is to split the costs for all lines or adding the cost in the exchange rate.  In both cases, the bank charges should be known and the value thereof entered in this dialogue.