Exchange Rate Settings


When working in a consolidated forecast, Spotlight Forecasting will complete multi-currency conversions. By default, we use exchange rates from XE.com, however you can set your own exchange rates if you prefer.

Default exchange rate settings:

  • Actual values are converted to the group currency using the respective historic month-end rate.
  • Forecast values are converted to the group currency using the most recent daily rate from XE.com – please note that forecast values will be recalculated each day based on the most recent rate.

 

To access the exchange rates


You can access the exchange rates from within the group's Settings page.

  1. From the main dashboard, locate your group then click the Settings link under the group name.
  2. Under the Foreign Exchange tab, click Edit Exchange Rates.

    Note: The Edit Exchange Rates option only appears when the group currency is different to at least one of the individual organisation currencies.

  3. Make any required changes, then click Save.  For information about the options available, please refer to the next section.

The exchange rate options


There are several options available when you edit your exchange rates.

Financial Year


Choose the financial year for which you want to amend the exchange rates.  You can access the current financial year, plus three prior years.

Profit and Loss Default


Set the type of exchange rate to use on profit and loss reports.

  • Month-end - Use the month end exchange rates from XE.com
  • Monthly Avg. - Use a monthly average exchange rate.

Note: Balance sheet reports automatically use the month-end rate.  If required, you can override this in the USER DEFINED section.

 

Rate Type


Choose how you want to view the exchange rates.

  • Units per <Group currency> - Show the value of one unit of the group's currency in the organisation currency.
  • <Group currency> per Unit - Show the value of one unit of the organisation's currency in the group's currency.

USER DEFINED


Change the exchange rate used for the profit and loss, balance sheet or both.

  • Apply Profit & Loss Rates to Balance Sheet - To use the Profit and Loss Default setting for the balance sheet reports, select this check box.

    Note: If you don't select this option, the balance sheet automatically uses the month end rates from XE.com.

  • Profit & Loss Rate and Balance Sheet Rate - The monthly exchange rates used for the reports.  If required, to enter your own exchange rate simply type the value into the relevant box.

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