Setting Up Exchange Rates

After you have set up your currencies, but before you use any currency features or import data with foreign currencies, you must set up exchange rates that are used to convert currencies.

If you fail to set up an exchange rate, then currency is converted on a one-to-one basis. Consequently, the amount stays the same, but the currency symbol changes.

Note: To calculate exchanges between currencies, you must set up an exchange rate twice. For example, if you want to calculate exchange rates between U.S. dollars and Japanese yen, then you must set up an exchange rate for yen to dollars, and set up another rate for dollars to yen.

To set up exchange rates

  1. Navigate to the Administration - Data screen, then the Currencies view.

  2. In the Currencies list, select the currency for which you want to establish exchange rates.

  3. Navigate to the Exchange Rates view.

  4. In the Exchange Rates list, create a new record, and complete the necessary fields.

    Some fields are described in the following table.

    This table describes the fields to complete when setting up an exchange rate.
    Field Comments

    Type

    Select a value for the type of exchange rate. Currently, Daily is the only type used.

    To Currency

    Select the currency to which you are converting the currency selected in the currencies list.

    Exchange Rate

    Type the conversion rate. If the number of places after the decimal point in this field does not match the value in the Extended Scale field and Scale field in the Currencies list, then the results of currency calculations might be different than expected.

    Exchange Date

    Select the date of this conversion rate. When converting currencies, Siebel Business Applications use the exchange rate date is closest to, but not past, the date of the transaction. Depending on the accuracy that you need and on how much currency values are fluctuating, you might want to enter a new exchange rate every week, month, quarter, or year.

    Siebel Business Applications use the Exchange Date only to convert currencies in transactions in which money is received. For example, Quote Item Price has an Exchange Date field, because it represents money that your company will receive, and your sales representatives enter the date when the money will be received.

  5. Repeat step 4 to add additional exchange rates.

You must restart the Siebel client or use the clear cache command before any changes to exchange rates can be seen in your Siebel application.