Currency spot rates are entered into the Currency Spot Rates service and for system integrity purposes, should not be changed after the record is saved. The Currency Spot Rates record includes the effective date and the value of the rate as well as the currency (the currency being tracked) and the base currency (the currency the spot rate is being compared to). For example, in a Currency Spot Rates record that is tracking the value of the Japanese Yen against the value of one US U.S, Dollar, the currency is the Japanese Yen, and the base currency is the US U.S. Dollar.
Follow these steps to create a new spot rate:
- Open a new record from the Currency Spot Rates service.
- The Currency Spot Rates service is located in the Accounting application.
- The Currency Spot Rates service is located in the Accounting application.
- Enter the date on which the spot rate is effective.
- If currency spot rates are added frequently, it may be useful to include the time along with the date. When entering the time, include AM or PM, for example, 10/21/2006 9:00 AM.
- If currency spot rates are added frequently, it may be useful to include the time along with the date. When entering the time, include AM or PM, for example, 10/21/2006 9:00 AM.
- Select the Currency and the Base Currency for the spot rate.
- The Currency field represents the currency being tracked. The Base Currency field indicates the currency against which the currency is being compared (that is, the spot rate is the number of units of the currency equal to one unit of the base currency).
- The Currency field represents the currency being tracked. The Base Currency field indicates the currency against which the currency is being compared (that is, the spot rate is the number of units of the currency equal to one unit of the base currency).
- Enter the value of the Spot Rate (the number of units of the Currency equal to one unit of the Base Currency).
- Aptify supports Currency Spot Rates to four decimal places. Therefore, if you enter more than four digits after the decimal point, the system will automatically round the value to the fourth decimal place.
- Aptify supports Currency Spot Rates to four decimal places. Therefore, if you enter more than four digits after the decimal point, the system will automatically round the value to the fourth decimal place.
- Save the record. Currency Spot Rates Record
