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Entering Ending and Average Rates
Ending and average rates are exchange rates expressed in decimal form that are used to
translate the balances in one currency into another. Typically, ending rates apply to
balance sheet accounts. Average rates typically apply to income and expense accounts.
You enter ending and average rates using Currency Rates Manager. To access Currency
Rates Manager, select the General Ledger SuperUser responsibility or have your System
Administrator add this functionality to any other responsibility. Navigate as follows:
Setup > Currencies > Currency Rates Manager.
To define rate types, select Rate Types from the menu to open the Rate Types page. To
define ending or average rates, select Daily Rates from the menu to open the Daily
Rates page.
See: Currency Rates Manager, Oracle General Ledger User Guide
Related Topics
Historical Rates, page 12-4
Historical Rates
Historical rates or historical amounts apply to a specific account and, if they exist, are
automatically used by Financial Consolidation Hub instead of the ending or average
rate. The historical rate or amount assignment is specific to an account associated with
an entity that is assigned to a consolidation hierarchy. Historical rates and amounts are
user-defined rates or amounts, generally for the following:
•
Non-monetary assets
•
Non-monetary liabilities
•
Owner's equity accounts
•
Revenues or expenses associated with non-monetary assets or liabilities
Non-monetary assets include both tangible items, such as land, and intangible items,
such as rights. They can also be associated with income statement accounts with a
non-monetary basis, such as Cost of Goods Sold and Depreciation. Non-monetary items
are not readily convertible to cash, hence their values are associated with their historical
worth.
12-4 Oracle Financial Consolidation Hub User's Guide
Note:
Currency Rates Manager stores daily rates. When you run a
consolidation, Financial Consolidation Hub uses the rate assigned to
the last day of the period being processed.
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