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SIMG_CFMENUORFBOB07 - Check Exchange Rate Types

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Check and edit your exchange rate types.

Exchange rates that apply for the same date for different purposes are defined in the system as exchange rate types. For example, you can define different exchange rate types so that you can use different exchange rates for your annual planning and your actual balance sheet month-end closing valuation.

If you need to perform currency conversions for a number of different currencies, you can simplify the management of exchange rates by entering a base currency for the exchange rate type. Instead of entering the exchange rates between each currency, you then only need to enter the exchange rate between each currency and the base currency. All currency conversions are then performed in two steps: into the base currency and from the base currency to the target currency.

For example, your base currency is USD. You want to convert EUR to GBP. For this, the following entries must be made in the table for managing the currency conversion rates:

• Rate for EUR -> USD

• Rate for GBP -> USD

Then the conversion from EUR to GBP is automatic. The conversion is performed as if this exchange rate (EUR -> GBP) had actually been entered in the conversion table.

In this example, the base currency (USD) is the "To-currency" and EUR or GBP the "From-currency".

For example, your reference currency is USD. You want to convert EUR 100.00 to GBP. The conversion rate table contains the following entries:

GBP - USD: 0.80000 (GBP 0.8 = USD 1)

EUR - USD: 0.95000 (EUR 0.95 = USD 1)

These values yield the following (simulated) exchange rate:

EUR - GBP: 0.84211 (EUR 1 = GBP 0.84211)

The currency is then converted as if this were the exchange rate entered in the table.

You can do the following:

• Add new entries

• Copy existing entries and create new entries

• Change the values of existing entries

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