Calculations

Set up and apply exchange rates

ONESOURCE Corporate Tax supports multiple currencies and currency conversion. You can set exchange rates at the calculation, sheet, column, or cell level. Cells inserted in Microsoft Excel sheets default to currency cells as specified in the
Exchange Rates
 dialog. To help avoid currency errors in multiplication or division formulae, cells can be set as currency or non-currency cells.
Templates are designed to support the currency for the specific jurisdiction. It is usually not necessary to set an exchange rate. However, you can set up exchange rates when necessary that can be applied at the cell, column, or sheet level.
When an exchange rate is applied, sheets for a single entity show currency amounts as they are specified in the template. Amounts in a group are displayed with the applied exchange rate.
note
Roll Forward
 carries the exchange rates to the destination calculation. Prior period linking does not carry forward exchange rates.
note
If you print the calculation, exchange rates are visible only if the print type is Review.

Define an exchange rate type

The exchange rate type specifies the parameters of an exchange rate. You can set up exchange rate types, then apply them at the appropriate level.
  1. Open the calculation.
  2. On the toolbar, select the International icon
  3. From the menu, select
    Calculation
    .
  4. In the
    Add Exchange Rate Type
     field, type a name to identify the exchange rate type you want to set up (for example, AUD2GBP for Australian dollar to British pound), and select
    Add
    . This must be a unique name.
  5. In the
    Set Exchange Rates
     section, select in the
    Type
     field and use the list to select the exchange rate type you added.
  6. Select inside the
    From Currency
     field and use the list to select the currency to convert from.
  7. Type the exchange rate calculation in the
    Ex Rate
     field.
  8. Select inside the
    To Currency
     field and use the list to select the currency to convert to.
    note
    This must be a different currency than the
    From Currency
    .
  9. Press
    Enter
     on the keyboard to complete the exchange rate entry.
  10. Select
    OK
     to save the exchange rate type.

Apply exchange rates

Exchange rates must be positive numbers and cannot be blank or zero. If you try to create an exchange rate with an invalid number, an error message will appear. If you update the exchange rate in a calculation that was already using the exchange rate, be sure to review the calculation to be sure the results are what you expected.
At the Calculation Level
  1. Open the calculation.
  2. On the toolbar, select the International icon
  3. From the menu, select
    Calculation
    .
  4. In the
    Set Functional Currency
     section, use the dropdown to select the origin currency.
  5. Use the
    Set Default Exchange Rate Type
     dropdown to select the exchange rate type.
  6. Select
    OK
    . The Section symbol appears in the corner of the cell to indicate an exchange rate has been applied. You can hover over the symbol to show the original value and the exchange rate being applied.
At the Sheet, Column, or Cell Level
  1. Open the calculation and open the sheet, column, or cell to which the exchange rate will be applied.
  2. On the toolbar, select the International icon
  3. From the menu, select
    Sheet
    ,
    Column
    , or
    Cell
    .
  4. Use the
    Sheet Setting
     dropdowns in the
    Currency
     and
    Ex Rate
     columns to select the exchange rate setting to be applied.
    note
    You can select the
    Currency Settings
     button to see the exchange rate definition.
  5. Select
    OK
    . The Section symbol appears in the corner of the cell to indicate an exchange rate has been applied. You can hover over the symbol to show the exchange rate details.
    note
    Save the calculation if the currency rates don't update instantly.

This article applies to:

  • PRODUCT: ONESOURCE Trusts