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Currencies and Exchange Rates

Submission amounts can be viewed in either company currency or the reporting currency by selecting the required currency and/or rate in the Exchange Rate drop-down once the submission has left Draft status.

Amounts are displayed in company currency by default. For the reporting currency, you are selecting the method of converting from company currency to reporting currency. The following options are available:

Inception Exchange Rate: The application uses the Year of the submission to determine which exchange rate to use. If the submission has a current or past Year the spot rate is used, while submissions with a future Year use the future rate if one is configured. For future years, the application first checks for a rate at the beginning of the year of the submission amount, then the closest rate in previous years, and finally uses the spot rate for the current year. Note that this rate is only updated when the submission passes through certain workflow transitions (based on your workflow configuration).
Today's Rate: Amounts are converted using the a spot rate valid on the current date.
Weighted Average Rate: The initial weighted average rate is typically equal to the "Inception Exchange Rate", and is recalculated only when an expense is registered that increases the value of the available submission amount. Refer to the Nakisa Lease Administration User Guide for more information on weighted average rate calculations.
Year Distributed Rate: This is a calculated weighted average rate that is based on the year of distributed and non-distributed submission amounts. When amounts are year distributed, the application uses the rate of the related year for each distributed amount. When amounts are not distributed, the rate is based on the Year of the submission. Note that amounts in a current or past year use the spot rate, while future amounts use the same logic used for the "Inception Exchange Rate". This rate is disabled by default, contact your system administrator to enable it.

Tip: If the "Inception Exchange Rate" and "Weighted Average Rate" is blank, exchange rate updates may not have been configured as part of the workflow configuration. For more information, contact your system administrator.

To set the submission currency:

Click Main Menu > Submissions.
Select a submission to open the Submission Detail page.
Select the required currency and/or exchange rate in the Select Exchange Rate drop-down.
Note: Amounts in the Year Distribution pop-up are not impacted by this drop-down and therefore are only displayed in company currency.