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Settings: Managing FX Rates in Consolidation

FloQast Consolidation provides users with two options for managing foreign exchange (FX) rates. You can use the default rates provided by Open Exchange Rates, which are available at no cost, or upload your own FX rates for each period. This flexibility ensures that financial translations align with your organization’s specific requirements.

The purpose of managing FX rates in FloQast Consolidation is to allow you to create and upload your own FX rates, which will be used during FX translations. (If no rates are uploaded, the system defaults to using Open Exchange Rates.)

 

Key Features of FX Rates

  • Uploading FX Rates: Administrators can upload FX rates for each period, with fields for the From Rate, To Rate, End of Period Rate, and Monthly Average Rate. This allows for accurate FX translations based on specific rates relevant to the organization.
  • Default to Open Exchange Rates: If users do not upload their own FX rates for a period, the system will default to using rates from Open Exchange Rates, ensuring continuous FX translations without manual input.
  • Template for FX Rates: Users can download a template that includes pre-filled values based on entity currencies and the primary reporting currency. Users can then fill in the necessary FX rates (End of Period and Monthly Average) for the period.
  • Validation and Re-uploading: The system validates uploaded FX rates, ensuring all required entity currencies are provided, and allows users to re-upload templates for corrections. If a user wants to revert to default Open Exchange Rates after uploading, they can reset the period’s rates.
  • FX Rates Table: The FX Rates table shows the current exchange rates for the period. If no rates are uploaded by the user, the table displays the default Open Exchange Rates.

Controls for Uploading FX Rates

  • Only Admins can upload FX rates.
  • FX rates can only be uploaded for one consolidation period at a time.
  • Periods must not be locked to upload FX rates.
  • Uploaded rates can be reverted to default (Open Exchange Rates) via a button that resets the period’s rates.

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