Calxa provides fully automated foreign currency translations in your consolidated reports. Exchange Rates are updated daily with figured published by Open Exchange Rates. In this article we look at all the settings and terminology related to currencies, the logic used for Foreign Exchange translations and how you can edit the rates used.
See Supported Currencies for a full list of supported currencies.
Workspace Base Currency
The workspace base currency is set in the the Reports -> Report Tools -> Exchange Rates menu. This is the base currency you will use to view and edit the exchange rates against. This does not determine your reporting currency, it just defines a base currency to enter exchange rates against.
To view or manage Exchange rates browse to Reports -> Report Tools -> Exchange Rates.
The currencies displayed in this screen will include all the Currencies of your connected organisations and the rates shown are against the Workspace Base Currency.
Note: To define a currency for reporting other then one of your Organisation Currencies, click ADD CURRENCY.
By default the Actual rates can be used for both Actual and Budget calculations in reports.
See the Exchange Rate Scenarios or Actual Overrides headings below if you require fixed or budgeted exchange rates as well as Actual Rates.
P&L (Period Movement)
These rates represent the monthly average and will be applied to all period movement calculations in reports. For example a Profit and Loss report will use these rates. This rate will also be used on Balance Sheet accounts if the value being calculated is movement or cashflow amounts. For example a Cashflow Forecast will have the inflows and outflows calculated using the P&L (Period Movement) exchange rate.
Balance Sheet (Closing Balance)
These rates represent the closing rate at the end of each month and will be applied to all Closing Balance calculations. For example a Balance Sheet report will use these rates. In a Cashflow Forecast, the Opening and Closing Balances of this report will use the Balance Sheet rate.
Future Period Rates
In the Exchange Rates screen the completed months are shaded grey to highlight the actual rates that will no longer change. For all future months we'll use the last known rate for both P&L and Balance Sheet rates. This means the rates will change over time for forecasted periods.
Exchange Rates are updated daily with figured published by Open Exchange Rates. You can optionally enter your own values as overrides to those provided. Cells are shaded in orange to indicate periods that have an override entered.
Use keyboard shortcuts to Cut (Ctrl + X), Copy (Ctrl + C) or Paste (Ctrl + V) your override values.
Insert comments using the 3 dots menu when a cell or range of cells is selected.
Account overrides allow you to present financial statements where a specific account is always translated using the same historical exchange rate. Setting an account based override means the same exchange rate will always be used for this account.
Exchange Rate Scenarios
The idea with Exchange rate scenarios is that you can define exchange rates to be used for Budget and Forecast calculations. Actual rates will still be used for actual data in reports but you can optionally create your own Exchange rate scenarios and then configure your Organisation Groups to use these scenarios for budget calculations in your consolidated reports.
As per Actual Rates the Scenarios start with the actual rates but you can enter your own overrides.
Each organisation imported into Calxa has it's own base currency. This is the Organisation Currency and can be configured in Settings -> Organisation Settings -> General.
When configuring an organisation group (Reports -> Report Tools -> Organisation Groups) for consolidated reporting you define a reporting currency. This is the currency that the resulting report will be translated to. A Group can be a single organisation to define an alternate reporting currency.