FloQast Intercompany provides users with two options for viewing transactions in reporting currency: upload transactions in reporting currency or upload your transactions in functional currency and upload your own FX rates for each period, and FloQast will translate your functional currency to reporting currency. This flexibility ensures that financial translations align with your organization’s specific requirements.
The purpose of managing FX rates in FloQast is to allow you to create and upload your own FX rates, which will be used during FX translations. We recommend users add a monthly checklist item to their close workflow to update the rates. FX Rates for Intercompany are loaded from the Reconciliation tab. The user will need to ensure they select the appropriate period prior to loading the rates.
Key Features of FX Rates
- Uploading FX Rates: Admin and Manager roles can upload FX rates for each period, with fields for the End of Period Rate and Period Average Rate. This allows for accurate FX translations based on the specific rates for the relevant account types.
- FX Rates: Users are given an Excel template that includes the following columns: From Currency, To Currency, Period-End Rate, and Period-Average Rate. Users can then fill in the necessary currencies and FX rates (End of Period and Monthly Average) for the period.
- Validation and Re-uploading: The system validates uploaded FX rates, ensuring all currencies are valid, and allows users to re-upload templates for corrections. To allow the system to process, a user needs to wait 5 minutes before re-uploading rates.
- FX Rates Table: The FX Rates table shows the current exchange rates for the period. If no rates are uploaded, the page displays “No exchange rates to display” and the Add FX Rates button.
Controls for Uploading FX Rates
- Only Admin/Manager users can upload FX rates.
- FX rates can only be uploaded for one reconciliation period at a time.