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. 


TABLE OF CONTENTS



Currencies 

See Support 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. 


Workspace Base Currency


Warning: avoid changing this base currency if you have already entered value overrides. These overrides are not translated to the new base currency. 


Exchange Rates

To view or manage Exchange rates browse to Reports -> Report Tools -> Exchange Rates


Actual 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.  


To define a currency for reporting other then one of your Organisation Currencies, click ADD CURRENCY.


Actual Rates


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.  


Actual Overrides

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.

 

Exchange rate override


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.



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. 


Exchange rate scenarios



As per Actual Rates the Scenarios start with the actual rates but you can enter your own overrides.  




Other Settings


Organisation Currency

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.


Organisation Currency



Reporting Currency

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. 

 

Reporting Currency