Currency Rates Subgroup

The Currency Rates subgroup contains the exchange rate accounts used for currency translation. They can be configured in your implementation with your rate accounts. The sample tax application provides the following currency rate accounts.

Sample Currency Rates list

Table 2. CurrencyRates – Exchange Rates used for currency translation – Group Label

GroupDescriptionAccount TypeCalculatedComments
OpeningRateOpening rate at the beginning of the periodCurrencyRateYesThe opening exchange rate is retrieved from the closing rate (A#ClosingRate) of the last period of the prior year.

In the sample application, it is the rate from prior year Period P12.

ClosingRateClosing rate at the end of the periodCurrencyRateNoThe closing exchange rate is entered by the user. This can be manually entered in the Exchange Rates form, or from data load.

The Opening Rate is used in default translation for balanced accounts.

AverageRateAverage rate for the periodCurrencyRateNoThe average rate for the period is entered by the user. This can be manually entered in the Exchange Rates form, or from data load.

The Average Rate is used in default translation for flow accounts.

OverrideRateParent member for all the NIBT translation override rate accountsGroup LabelNoAll the translation override rate accounts need to be added under this parent, which can be used as a translation override rate for the accounts under NIBTAdjusted hierarchy.
NIBTOverrideRateTranslation override rate accountCurrency RateNoOverride rate account to be used for translation of NIBT account
TARFPaymentsAndRefundsRateTranslation override rate for TARF payments and refundsCurrency RateNoTARF Payments and Refunds are translated at override rate specified, irrespective of the application setting.

The currency rate account information is referenced in the Application Setting section of the metadata file. If you change the rate account information in your application, you must make the corresponding changes in the Application Setting section of the metadata.

The currency rate account information is also used for currency translation in the rule file. If you use a different set of accounts defined for currency rates, you must modify the Constant section of the rule file for the following rates:

Const A_EXCHANGE_RATE_GLOBAL_PARENT = “CurrencyRates”
Const A_RATE_OPENING = “OpeningRate”
Const A_RATE_AVERAGE = “AverageRate”
Const A_RATE_CLOSING = “ClosingRate”