1. Implementing Risk Management
  2. Set Up Currency Conversion

Set Up Currency Conversion

If your organization transacts in multiple currencies, your Oracle Cloud transaction models, controls, and results can use amounts converted to a single currency. You select the currency to which other currencies are to be converted, as well as a conversion rate.

This currency-conversion feature is disabled by default. Enable it only if at least one transaction model or control uses a currency-conversion attribute, either in a risk-logic filter or a result-attribute selection. The business objects that offer these attributes are identified in a Business Objects Supporting Currency Conversion field as you enable the conversion feature.

Each of these business objects includes pairs of attributes that report monetary values. In each pair, the first attribute reports an original value, and the second reports the value to which the first is converted. The attributes in a pair have identical names, except that the second one contains the word "Converted." For example, Amount and Amount Converted constitute one of the pairs in the Payables Invoice business object. Each business object also includes a Conversion Currency attribute, which identifies the currency to which amounts or prices are converted.

To set up the currency-conversion feature:

  1. Select the Advanced Controls Configuration tab in the Setup and Administration work area.
  2. In the Currency Configuration panel, click the Edit Currency Conversion icon.

  3. Click the Currency Conversion toggle switch to turn conversion on.

  4. In a To Currency field, select the currency to which you want other currencies to be converted. US Dollar is the default. You can type in the field to search for matching currencies.

  5. In a Rate Type field, select the exchange rate you want to use. You can select among values that are enabled in the Rate Types page of the Currency Rates Manager. The default is the value selected as default in the Rate Types page.

    (The Currency Rates Manager is available at My Enterprise > Setup and Maintenance. Search for the Manage Conversion Rate Types task.)

  6. Select Save.

If you want to disable currency conversion, click the Currency Conversion toggle switch once again. However, you must first delete models and controls that use the currency-conversion attributes.