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Overview 

Cross rates are the relation of two currencies against each other, based on the rate of each of them against a third currency. For example, EUR to USD and USD to GBP is present in the system. This feature will calculate currency conversion from EUR to GBP. 

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In order to achieve this, we have introduced "Currency Rate Setting" window and "Calculate Cross Currency Rate" process. 

Window: Currency Rate Setting 

This window allow the user to enter multiple currency combination. On this basis of this data, process will calculate the cross rate.  

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  • Select the "Organization in which needs to create a cross rate. 

  • "Name" will be used for the identification. 

  • "Common Currency" Indicates the currency against which, both currency rates are present. 

  • "From Currency" Indicates the from currency against which currency rates are required.  

  • "To Currency" Indicates the target currency against which currency rates are required.  

 

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All currency related field will only show "My Currency". 

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"From Currency and TO Currency" should not be the same. 

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"Common Currency" and "From Currency" should not be the same 

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"Common Currency" and "To Currency" Should not be the same 

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Inactive "Currency Rate Setting" and "Currency Rate" will not be considered for the calculation.  

Process: Calculate Cross Currency Rate 

This process will calculate the cross currency rate based on the setting present on "Cross Rate Setting".  This process does not have any parameter. 

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To open the "Calculate Cross Currency Rate" process, navigate to Menu> >Company and Global Setting >> Global Setting or search for Calculate Cross Currency Rate in the search utility available in the menu itself 

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How to Use 

We will understand this with below cases. 

  • When "From Date" and "To Date" are same for both currency 

  • When "From Date" and "To Date" are different for both currency 

 

Case 1. When "From Date" and "To Date" are same for both currency 

We are getting currency rates from a bank from EUR to USD and GBP to USD. However bank is not providing currency rate EUR to GBP. Assume bank provide the below rates. 

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Organization 

From Currency  

To Currency  

Currency Type  

Multiply Rate  

From Date  

To Date  

EUR  

GBP  

Spot  

0.900763  

1 Aug 2020  

1 Aug 2020  

GBP  

EUR  

Spot  

1.11016  

1 Aug 2020  

1 Aug 2020 

 

Case 2. When "From Date" and "To Date" are different for both currency 

We are getting currency rates from bank from EUR to USD and GBP to USD. However bank is not providing currency rate EUR to GBP. Assume bank provide the below rates. 

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Organization 

From Currency  

To Currency  

Currency Type  

Multiply Rate  

From Date  

To Date  

EUR  

GBP  

Spot  

0.900763  

1 Aug 2020  

15 Aug 2020  

GBP  

EUR  

Spot  

1.11016  

1 Aug 2020  

15 Aug 2020 

 

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Everything is the same in both cases except "To Date" 

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Form Date will be set whichever "From Date" is greater in both records. 

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To Date will be set whichever "To Date" is smaller in both records