Manage Exchange Rates
The Manage Exchange Rates page is where you can load and manage your firm-level foreign currency exchange rates.
Lucernex is capable of inverting any exchange rate from To Currency to From Currency. These can be edited in the UI or uploaded via spreadsheet.
Important!
The system will perform currency calculations based upon the effective date of the exchange rate. Ensure that you have the correct effective date entered on your foreign exchange rate record.
With the exception of accounting schedule-related conversions, the system will convert amounts using the most recent exchange rate that has a type of Cash. If there is no exchange rate with a type of Cash, the system will convert at the current rate from a web service (fixer.io).
To navigate to the Manage Exchange Rates page:
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Click Admin in the toolbar in the upper-right corner of the window.
The System Administrator Dashboard page opens.
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Click Manage Exchange Rates link in the Company Administration column.
The Manage Exchange Rates page opens.
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Follow a procedure below.
To filter the Manage Exchange Rates page, perform any of the following actions:
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Enter the effective date of the exchange rate in the Effective Date field.
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Select the currency you are converting from from the From Currency field.
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Select the currency you are converting to from the To Currency field.
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Select the exchange rate type you are looking for from the Exchange Rate Type field.
To add an exchange rate:
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Click Add Exchange Rate.
The Add Exchange Rate window opens.
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Enter the effective date of the exchange rate in the Effective Date field.
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Select the currency you are converting from the From Currency field.
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Select the currency you are converting to from the To Currency field.
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Enter the exchange rate in the Exchange Rate field.
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Select the type of exchange rate you are creating from the Type field.
This field allows you to enter multiple exchange rates for the same fiscal period, giving you greater flexibility in reporting. There are two default exchange rate types: Period Average and Cash (Spot). You can also create new types to suit your business needs.
Example use cases of the default exchange rate types are as follows:
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The Period Average rate typically includes up and down fluctuations over the fiscal period. This rate is used to convert period expenses like the single-lease expense, liability amortization expense, and interest expense.
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The Cash (Spot) rate, also known as the payment day spot rate, is typically used to convert the Cash Expense column in the schedule.
The use of these rates varies—and the number of exchange rate types may vary—but this field allows you the flexibility to use exchange rates as needed.
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Click Add.
The window closes. Your exchange rate is saved.
To edit an exchange rate:
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Find the exchange rate you want to edit.
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Click Edit in the Actions column of the record.
The Edit Exchange Rate window opens.
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Make your changes.
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Click Update.
The window closes. Your exchange rate is saved.
To delete an exchange rate:
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Find the exchange rate you want to delete.
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Click Delete in the Actions column of the record.
A dialog opens, asking you to confirm your choice.
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Click Yes.
The dialog box closes. The exchange rate no longer appears in the Manage Exchange Rates page.
Filter the Manage Exchange Rates Page