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.
Table 3-2 CurrencyRates – Exchange Rates used for currency translation – Group Label
| Group | Description | Account Type | Calculated | Comments |
|---|---|---|---|---|
| OpeningRate | Opening rate at the beginning of the period | CurrencyRate | Yes | The 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. |
| ClosingRate | Closing rate at the end of the period | CurrencyRate | No | The 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. |
| AverageRate | Average rate for the period | CurrencyRate | No | The 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. |
| OverrideRate | Parent member for all the NIBT translation override rate accounts | Group Label | No | All 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. |
| NIBTOverrideRate | Translation override rate account | Currency Rate | No | Override rate account to be used for translation of NIBT account |
| TARFPaymentsAndRefundsRate | Translation override rate for TARF payments and refunds | Currency Rate | No | TARF 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”