9.4 Currency/Budget currency

The Target currency is the currency of the results in which the numbers should be displayed for the various summary sheets. If a contract is in a different currency, the result will be converted to the target currency, using the rates in the exchange rate table or the budget exchange rate table. You can choose the currency you convert the contracts to here. We recommend that contracts be registered in contract currency.

9.4.1 Currency

There is a currency conversion functionality in the system, which retrieves historical rates from Norges Bank or Sveriges Riksbank. This can be turned on under Settings. The conversion mechanism (Average exchange rates or closing exchange rates) can also be selected in the Settings menu. If Use closing currency rates only is unchecked, the average exchange rate is used. If it’s checked, as shown below, the closing exchange rate is used.

The date selector, Lookup periods, sets the date interval for retrieving exchange rates. The opening exchange rate is the last exchange rate available before Period Start. The closing rate is the last exchange rate available before or on the Period End, while the average rates are the monthly averages for each month in between. The system uses the latest closing rate for future periods, and it will fluxuate, as the rates are updated from Norges Bank. This is done automatically when a new period is selected.

If the Internet is not available, or if Lookup periods are longer than one year, with Sveriges Riksbank as the source of the exchange rates, you’ll receive the following error messages:

The currency table is based on the currency exchange rate source, specified in the Settings menu (Currently set to either Norges bank or Sveriges Riksbank). If the target currency doesn’t exist in the currency table, you can either change the target currency or update the currency table to include the currency. A text box will appear to inform the user about this.

You can also use your own exchange rates. To do this, click the Edit currency table button. This will show you the exchange rate table, which you can edit. Editing the table will lock it, which means that it no longer automatically updates the rates from Norges Bank or Sveriges Riksbank. In this case, a text box informing the user about this will be visible, and a button to re-synchronize the exchange rate table to the source will appear. The text box and button are shown below. If this button is clicked, the table will automatically retrieve exchange rates from the source, based on dates in Lookup periods.

9.4.2 Budget currency

You can override rates from Norges Bank and use budget rates. This will be used for all future periods. This option is found under Settings in the Menu.

There are two choices. Budget exchange rates can either be used for all periods, or they can only be used for future periods, when exchanges rates from Norges Bank or Sveriges riksbank are unavailable.

Budget exchange rates are entered in the Budget currency table. In this table, you can only enter one exchange rate for a currency that is used for all periods.