Creating Profile in Exchange Rate
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Creating Profile in Exchange Rate
- 2 Minutes to read
- Print
- DarkLight
- PDF
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Generate profiles to customize the manner in which selected currencies undergo exchange rate configurations to suit your preferences. Profile allows you to define the currency and currency type structure once and reuse the design each month for updated rates.
Note:
This functionality may be available based on your Planful license agreement.
Description of fields on the Profile page
Download
Open the Download page to export or save currency exchange rate profile details.
Profile
- This list box is populated from the profiles defined on the page. Select an existing profile or select Create New Profile.
- On the New Profile page, fill in the following fields:
- Name: Enter the name of the new profile.
- Scenario: Select a scenario. If you select Actual, you will be prompted to select a year for which the rates are to be applied.
Note:
The budget/forecast years are defined on the Configuration Tasks > Define Budget Parameters.
Scenario
Displays the scenario selected while creating a profile.
Common Currency
Displays the common currency set in the application.
Rate Type
Rate types help define the way in which you would like the currency conversion to take place. Select one of the following options:
- Mid: The mid-market rate or spot rate represents an average of Bid and Ask.
- Bid: The last price offered to buy the currency.
- Ask: The last price offered to sell the currency.
Available Currencies
Currencies mapped on the Currency Exchange Rate > Mapping page are available for selection. Select the currencies you want to associate with the profile and click the forward arrow to move the currency into the Selected Currencies pane.
Selected Currencies
Currencies that are mapped to the selected profile.
Note:
To remove from the Selected Currencies list, select and click the back arrow.
Select Time Periods - Currency Type
Click in the Currency Type field to modify the associated time value. Select one of the following from the dropdown:
- AVG: Calculates the currency by averaging the sum.
- BOY: Beginning of Year – Calculates the currency at the beginning of the year.
- EOM: End of Month – Calculates the currency at the end of the month.
- YAvg: Yearly Average – Calculates the currency based on the average sum over a year.
Select Time Periods - Start/End Dates
You can download the exchange rates report during the week only. More specifically, quotes are not updated between Friday 5 PM New York time until Monday 9 AM Sydney time, as rates quoted during that time tend to have wide spreads due to low liquidity and do not accurately reflect the state of the market.
How to Create a Profile?
Navigate to Maintenance > Multi-Currency > Exchange Rates.
Click the Profile tab.
Select a Profile from the dropdown.
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Note:Perform the below steps to create a new profile in the Profile tab:- Select Create a New Profile from the Profile dropdown.
- Enter Profile Name and Scenario. Click OK.
Select Rate Type.
Note:The Available Currencies will be reflected under the Profile tab after the currencies are mapped in the Mapping tab.Select the currencies you want to map to the profile from the list available under Available Currencies.
Click the forward arrow to move the selected currency from the Available Currencies list to the Selected Currencies.
Select applicable time periods. No processing of rates can be done between Friday 9 PM to Monday 9 AM based on your time zone.
Click Save after the profile creation is completed.
Click Download to export or save currency exchange rate profile details.
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