Rate Types are used to define the monthly translation rate for a specific account. For example, Income Statement accounts may use the Average (AVG) rate type while a Balance Sheet account will use a Closing (CLS) rate type.
The Data Warehouse comes with three (3) default rate types. More can be created as needed.
- Average (AVG): typically used for Income Statement accounts
- Closing (CLS): typically used for Balance Sheet accounts
- Statistical (STAT): typically used for numbers not posted to the General Ledger
Creating a New Rate Type
- From the Currency -> Rate Types menu click the () icon.
- A new line will appear in the grid.
- Begin typing in a new code in the Rate Type column. Hit tab to navigate across the row to add a Description. If Multiple Entities is to be used, click on the checkbox or hit the spacebar button on your keyboard.
- Hit Enter to save your work.
- Users can click the Cancel button to end the process and not save the new rate type.
Editing an Existing Rate Type
Note that the Rate Type column cannot be edited. Both the Description and Multiple Entities columns for any Rate Type can be edited.
To edit a Rate Type:
- Click on the cell within the Description column for the desired Rate Type. The cell will become highlighted.
- Hit F2 on the keyboard to enter into the cell.
- Make the necessary change to the value.
- Hit enter on the keyboard to save the change.
- If desired, select or deselect the Multiple Entities (as applicable)
Deleting a Rate Type
Rate type codes may only be deleted once all relevant data has been removed from the relevant currency tables (where applicable).
To delete a rate type code:
- Select a rate type
- Click the () icon. The user will be presented with a confirmation window, confirming the removal of the rate type code.
- Click Delete to delete the code. Users can also click Cancel to keep the code and return back to the rate type list
- The rate type has been successfully removed from the Data Warehouse.
If you are unable to delete a rate type, confirm that scenarios in the rate configuration page have not been assigned to the rate type you are trying to delete.