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Foreign Exchange Rate - Conversion rate calculates incorrectly for the project

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  • 1.  Foreign Exchange Rate - Conversion rate calculates incorrectly for the project

    Posted 04-23-2019 08:40 AM

    We have a europe project with FY18 values for Cost & Budget plans(01/04/2018 to 31/03/2019) and In our Financial Module under setup menu, our currency is for the project EUR(Europe) and we want to convert as JPY(Japan) currency.

     

    System Format:-

    -------------------------

    From Currency    To Currency       Conversion Rate       Rate Calculation Method       Exchange Rate Type Effective Date
    EUR                   JPY                      150.000000                Multiply                                     Average                   01/04/18
    EUR                   JPY                      151.000000                Multiply                                     Average                   01/04/19
    EUR                   JPY                      152.000000                Multiply                                     Average                   01/04/20

     

    The problem is, project calculates the budget & Cost values with FY20 conversation rate(130.815640 instead of calculating FY18 Currency rate(129.000000). Why does it calculate the value with (01/04/20) conversion rate specifically? Is this calculating based on recent/latest exchange rate creation? because when i entered to the screen,  it checked by default "Show current rate only" Check box. Hope this is multiplying because of recent effective date exist.

    Do we overcome this issue? As this is a FY18 project, it should calculate/Multiply with FY18 Conversion rate. Should not multiply with FY19, FY20 conversion rate or any other latest Fiscal year conversion rate.



  • 2.  Re: Foreign Exchange Rate - Conversion rate calculates incorrectly for the project

    Posted 05-06-2019 09:17 AM

    Karthik,

     

    I tested this and mine used the exchange rates for the correct year.  I do not think the checkbox Show Current Rates has anything to do with this, as that is just for the list view of the rates.

     

    Has anyone else seen this behavior?

    Karthik, I suggest you open a case with support to look into this further.

     

    Liz



  • 3.  Re: Foreign Exchange Rate - Conversion rate calculates incorrectly for the project

    Posted 05-07-2019 12:37 AM

    Hi Karthik,

    Where are you viewing the conversion? The Billing Currency view? How are the costs spread out? Meaning which periods have the costs been defined for? If the costs are for period prior to 2020 and yet the conversion is being applied based on the effective date of 2020, then there is a problem and you will have to log a case with product support. 

     

    Thanks,

    Regards,

     

    Debroop



  • 4.  Re: Foreign Exchange Rate - Conversion rate calculates incorrectly for the project
    Best Answer

    Posted 05-08-2019 12:28 AM

    Hi Karthik,

     

    If possible, you will check exchange rate directly by using below query.

     

    SELECT ID,FROM_CURRENCY_CODE,TO_CURRENCY_CODE,FROM_DATE,TO_DATE,RATE
    FROM CMN_EXCHANGE_RATES
    WHERE FROM_CURRENCY_CODE='EUR'
    AND TO_CURRENCY_CODE='JPY';

     

    Regards,

    Shoichi