Rate Types are used to define the monthly translation rate for a specific account. For example Income Statement accounts may use the Average Rate Type while a Balance Sheet account will use a closing 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. 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
- Click on the rate type code or attribute. 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
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, ensure that on the rate configuration page, scenarios have not been assigned to the rate type you are trying to delete.