FX Conversion Help

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Occasional Contributor

FX Conversion Help

Hi,

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?

Thanks in advance, 

 

 

6 REPLIES 6
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Master Anaplanner/Community Boss

Re: FX Conversion Help

Hi,

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.

Let me know if that wasn't clear enough

Regards,
Anirudh
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Occasional Contributor

Re: FX Conversion Help

Hi - do you mind elaborating on this further? Thanks
Highlighted
Master Anaplanner/Community Boss

Re: FX Conversion Help

Sure,

Create a list of currencies

anirudh_0-1600160101562.png

Create a module dimensioned by this list with 1 line item called Rate

anirudh_1-1600160129951.png

Then in your transaction module try this formula:

anirudh_2-1600160275333.png

It's basically just a lookup to the module containing the rates.

You will need to specify the currency in a FX List formatted line item

 

Let me know if you need more help

 

Regards,

Anirudh

 

Highlighted
Occasional Contributor

Re: FX Conversion Help

Hi, thanks for this, but I think I need a cross FX module rather than a direct one?
I think Chris below is on the right track, but I'm just stuck on step 6 now!
Highlighted
Super Contributor

Re: FX Conversion Help

Hi, 

 

To enable the conversion between currencies you need to create an FX module which contains both a base currency and a target currency. 

  1. Create two currency lists; 1. base 2. target
  2. Create a FX module and allocate the two lists above as dimensions
  3. Create a line item called FX Rate and populate this with all the required FX rates
  4. 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
  5. Create a properties module for your products and create a line item called, 'Target Currency.' Populate this with the required currency for each product
  6. 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. 

 

Occasional Contributor

Re: FX Conversion Help

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]