I currently have a list of bank accounts in various currencies. I need to convert these currencies into the product currency.
I am currently converting all bank balances into GBP using a FX module and then converting all back to the product currency.
However, is there another way to do this? The excel file I'm trying to replicate removes this extra step and looks at the direct conversion rate between the base currency and the fund currency. How do I set up a module to do this?
Create a list of currencies and store the rates against them. Then use these rates directly in the line item where you want to do the conversion. That way you don't have to refer to the list containing bank accounts.
To enable the conversion between currencies you need to create an FX module which contains both a base currency and a target currency.
Create two currency lists; 1. base 2. target
Create a FX module and allocate the two lists above as dimensions
Create a line item called FX Rate and populate this with all the required FX rates
Create a properties module for the bank accounts and create a line item called 'Base Currency.' Populate this line item to allocate the required currency to each account
Create a properties module for your products and create a line item called, 'Target Currency.' Populate this with the required currency for each product
In you target module you can now take the required FX rate from the FX rate module, lookup up the 'Base Rate,' from the Bank Accounts properties module and the target from the Products properties module.
Chris Heathcote Bedford Consulting
Gold Partner and Regional Partner of the Year 2021, EMEA
Thanks for this - it was really helpful. I got up to 6 , but my result is showing nil? The formula I'm using: Balance / 'S_FX Rates - Copy'.FX Rate[LOOKUP: 'D_Treasury | Bank Details'.CCY, LOOKUP: Target Currency]