C1_​EXCRTPY

The C1_​EXCRTPY algorithm type is used to convert the amount in one currency to another currency using date and time based exchange rate. You can define date or date and time based global and division-specific exchange rates. The system might use the direct division-specific or global exchange rate (i.e. FROM CCY to TO CCY) or direct reverse division-specific or global exchange rate (i.e. TO CCY to FROM CCY) during currency conversion. If either direct or direct reverse exchange rate is not available, the system might use division-specific or global exchange rate through base currency during currency conversion. For example, if the FROM CCY is Canadian Dollars, TO CCY is Japanese Yen, and the division's base currency is U.S. Dollars, the system will first convert the amount from Canadian Dollars to U.S. Dollars and then convert the amount from U.S. Dollars to Japanese Yen.

The system allows you to indicate the order, in which the exchange rate must be searched, in the currency conversion algorithm. If you use the Direct Rate First search order, the system searches for an exchange rate in the specified order:

  1. Division-specific direct exchange rate

  2. Global direct exchange rate

  3. Division-specific direct reverse exchange rate (if the Division Reverse Rate parameter is set to Yes)

  4. Global direct reverse exchange rate (if the Global Reverse Rate parameter is set to Yes)

  5. Division-specific exchange rate through base currency

  6. Division-specific reverse exchange rate through base currency (if the Division Reverse Rate parameter is set to Yes)

  7. Global exchange rate through base currency

  8. Global reverse exchange rate through base currency (if the Global Reverse Rate parameter is set to Yes)

If you use the Division First search order, the system searches for an exchange rate in the specified order:

  1. Division-specific direct exchange rate

  2. Division-specific direct reverse exchange rate (if the Division Reverse Rate parameter is set to Yes)

  3. Division-specific exchange rate through base currency

  4. Division-specific reverse exchange rate through base currency (if the Division Reverse Rate parameter is set to Yes)

  5. Global direct exchange rate

  6. Global direct reverse exchange rate (if the Global Reverse Rate parameter is set to Yes)

  7. Global exchange rate through base currency

  8. Global reverse exchange rate through base currency (if the Global Reverse Rate parameter is set to Yes)

You need to attach an algorithm of the C1_​EXCRTPY algorithm type on the Currency Conversion For Payments algorithm spot of the division for which you want to enable the currency conversion feature. Once the algorithm is attached, the currency conversion will take place during:

  • Payment and Tender Creation

  • FT GL Creation for Payments

The C1_​EXCRTPY algorithm type contains the following parameters:

Parameter Description Mandatory (Yes or No)
Override Base Currency Used to specify the base currency. This will override division's base currency while searching for an exchange rate through base currency. No
Conversion Type Used when you want to use the exchanges rates with a particular conversion type during currency conversion.
Note: The parameter value must be already defined as a value in the CONV_​TYPE_​FLG lookup field.
 No
Search Order (Valid Values: Division First, Direct Rate First) Used to indicate the order in which you want to search for an exchange rate during currency conversion. The valid values are:

  • Direct Rate First

  • Division First

If you do not specify the value for this parameter, by default, the system uses the Division First search order.

 No
Division Reverse Rate (Valid Values: Yes, No) Used to indicate whether you want the system to search for division-specific reverse exchange rate (i.e. To CCY to From CCY). The valid values are:

  • Yes

  • No

If you do not specify the value for this parameter, by default, the system does not use the division-specific reverse exchange rate.

 No
Global Reverse Rate (Valid Values: Yes, No) Used to indicate whether you want the system to search for global reverse exchange rate (i.e. To CCY to From CCY). The valid values are:

  • Yes

  • No

If you do not specify the value for this parameter, by default, the system does not use the global reverse exchange rate.

 No
Exchange Rate Override Algorithm Used to attach a custom algorithm when you want to use an exchange rate search mechanism other than the one defined in this algorithm. No
Exchange Rate Source Used when you want to use the exchanges rates received from a particular source during currency conversion.
Note: The parameter value must be already defined as a value in the EXCH_​RATE_​SRC_​FLG lookup field.
 No

Related Topics

For more information on... See...
Payment and Tender Creation Payment and Tender Creation
FT GL Creation FT GL Creation
How to setup the currency conversion feature Prerequisites