1. Currency Setup
  2. Currency Setup

2 Currency Setup

Financial institutions transact business in more than one currency. Transacting business in multiple currencies demands functional capabilities for multi-currency accounting and currency rate management.

Currency module supports the definitions and maintenance of currencies. Currency definitions are fundamental to the definition of both interest rate yield curves and currency exchange rates. A key attribute of every yield curve is the currency with which it is associated, and currency exchange rates can only be established between defined currencies. A comprehensive list of ISO-defined currencies is provided; you can also define and add your user-defined currencies.

Currency Summary

This page is the gateway to all Currencies and related functionality. You can navigate to other pages relating to Currencies from this point.

Figure 2-1 Currency Summary


Currency Summary

Search Currency

Prerequisites: Predefined Currency

To search for a Currency:

Click Search after entering the search criteria. The search results are displayed in a table containing all the Currencies that meet the search criteria.

Or

An alternative method to search a Currency Rule is through the Field Search option. This is an inline wildcard UI search that allows you to enter a search value (such as code, name, etc.) partially or fully. Rows that contain the string you are searching for are fetched and displayed in the Currency Rule Summary. Enter the Code, Name, Status, Reporting Currency, or User Defined of the Currency and click Search .

The Currency Rule Summary displays the following information:

Add: Click the Add icon on the page header to build a new Currency Rule.

Multiple Delete: Enables you to select and delete one or multiple rules in the table simultaneously.

Activate: Select one or more currency and click Activate icon to change status to active.

  • Code: The 3-letter ISO code of Currency
  • Name: The Currency's short name.
  • Reference Interest Rate Curve: Displays the Reference Interest Rate Curve of Currency
  • Reporting Currency: Indicates whether currency is marked for use as Reporting Currency
  • Status: Displays the Active or Inactive status of Currency.
  • User Defined: Identifies any user-defined currency, that is, a currency not seeded by Cloud Service
  • Action: Click this icon to view a list of actions that you can perform on the Currency Rule.
    • View/Edit: Based on the user privilege assigned, you can either only view or edit existing Currency Rules. To edit a rule, you must have Read/Write privilege.
    • Save As: You can reuse a Currency Rule by saving it under a new name thus saving time and effort in entering data multiple times; it also leads to reduced data entry errors.
    • Delete: You can delete Currency Rules that you no longer require. Note that only Currency Rule owners and those with Read/Write privileges can delete Currency Rules. A Currency Rule that has a dependency cannot be deleted. A rule cannot be retrieved after deletion.
    • Dependency Check: You can perform a dependency check to know where a particular Currency Rule has been used. Before deleting a rule, it is always a good practice to do a dependency check to ensure you are not deleting Currency Rules that have dependencies. A report of all rules that utilize the selected Currency Rule is generated.

Also See: