Spot Rate lets users define an exchange rate for a specific combination of scenario, company, account, and currency type. With Spot Rate, users can:
Define spot exchange rates for edge cases, such as translating equity accounts for mergers and acquisitions.
Reduce reliance on external tools (for example, Excel) and minimize the need to create and maintain too many Currency Exceptions for special cases.
Align equity account translation with historical-rate requirements under US GAAP and IFRS.
Note:
The Spot Rate is treated as the top-priority exception for that combination by the application whenever the currency conversion process is initiated.
How to Configure Spot Rate
To configure Spot Rate, do the following:
Navigate to Administration > Exchange Rates.
Click Spot Rate.
From the drop-down menu, click Import.
In the Import Spot Rate dialog, click Download template.
Open the downloaded template.
Enter the following details in the template:
Scenario - The scenario where the spot rate is applicable.
Month - The month during which the spot rate is applicable.
Source Company - The company for which you want to define the spot rate.
Target Currency - The currency on which the defined spot rate is applicable. This cannot be the source currency (local currency) of the Source Company. It can be the application’s common currency, interim currency, or reporting currency.
Account - The account on which this spot rate is applicable during the conversion process.
Spot Rate - The exchange rate to be considered by the application to convert values. This value cannot be a zero or a negative value. Additionally, the application supports 5 values before and 15 values after the decimal point.
Save the template.
In the Import Spot Rate dialog:
Click Choose File to upload the saved template.
Select one option:
Append Data - This option identifies the same records and updates their values, and adds new records if they do not already exist.
Overwrite Data - This option clears the existing records and replaces them with new records.
Click Submit. A successful import message appears.
In case of import failure, download the error file to view and correct the errors, and then try again.
To view the existing or imported Spot Rate records, click Export in the drop-down menu. The downloaded file contains all Spot Rate records currently active in the application.
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Spot Rate is supported only for Actual and Preloaded Budget scenarios. Additionally, only the Preloaded Budget scenario which is in Forwarded state is considered.
The application checks and applies currency exchange rates in the priority Spot Rate > Currency Exception > Exchange Rate. It means that if a Spot Rate is available for a certain case, the application gives highest priority to the Spot Rate.
This enhancement is available only with Ivy configuration On.