14.2 Currency Conversion

You can set up the Currency Conversion Settings to assign the Rate Type to a General Ledger (GL) Type Entity. For a computation, you can convert any transaction into different Currencies, which is called a Translation.

For each GL Type Entity, you can assign one of the following Rate Types:

• Spot: Use this to perform the Translation for an immediate instance.
• Start of the Period: Use this to perform the Translation for the Start of the Period.
• End of the Period: Use this to perform the Translation for the End of the Period.
• Average: Use this to perform the Translation on an Average Period.

You require these settings to use the Execution Process in the Managing Processes.

To set up the Currency Conversion Settings, do the following:

1. To navigate to the Currency Conversion Settings, on the Home Page, click Administration, and click Currency Conversion. The Currency Conversion Settings Page is displayed. During the Deployment Process, User with the Admin Privileges can set up Currency Conversion Settings using the same procedure.
2. Select either the End of Period, Daily, Average, or Spot Rate Type Value for the following GL Type Entities:
   • Asset
   • Expense
   • Loss
   • Gains
   • Contra Asset
   • Contra Liability
   • Liability
   • Owners Equity
   • Revenue
3. Click Save. The Currency Conversion Settings are saved.