Why Customize Exchange Rates?
By customizing exchange rates, you can ensure consistency between Agicap's calculations and your internal reporting or the rates you've negotiated with banks. This is especially useful if you need to:
Align Agicap's reporting with your financial reports.
Use specific rates from bank agreements.
Define rates with precision for specific periods (daily, weekly, monthly, or quarterly).
Where to Customize Exchange Rates
You can personalize exchange rates at either the organization level or the entity level. All management of custom rates is done from the dedicated Exchange Rates page in the advanced settings.
Accessing the Exchange Rates Page
Navigate to Settings:
Click on ⚙️ Settings in the main menu.
Go to Advanced Settings:
Select Advanced Settings from the dropdown.
Open Exchange Rates:
Click on Exchange Rates to access the customization page.
Setting Up Custom Exchange Rates
Activating Custom Exchange Rates
To start customizing:
Enable the Feature:
Go to your organization's BackOffice page.
Click on the Enable Custom Exchange Rate button.
Defining Currency Pairs
Currency Pairs: Custom exchange rates are defined for specific pairs of currencies (e.g., EUR → CHF, GBP → EUR).
Initial List: The list of currency pairs is automatically populated with all currencies present in your organization when you first activate the feature.
Adding New Pairs:
Click on ✚ Add a Rate to manually add a new currency pair.
Alternatively, import currency pairs and rates via Excel (see Importing Exchange Rates below).
Customizing Rates at Different Levels
Organization Level
Consistency Across Entities: Setting custom rates at the organization level ensures consistency in currency conversions throughout all entities.
Default Rates: If no custom rate is entered for a currency pair, Agicap uses the default daily rates retrieved via our partner, CurrencyLayer.
Entity Level
Local Overrides: You can override the organization's rates for specific entities and currencies if necessary.
How to Override:
Expand Currency Pair:
Click on the currency pair to display all entities.
Enter Custom Rate:
Input your custom rate in the line corresponding to the desired entity.
Priority: Entity-level rates override organization-level rates for that specific entity.
☝️ Note: If a rate is defined at both the organization and entity level, the entity's value takes precedence in that entity.
Setting the Input Frequency
You can choose the frequency at which you define rates:
Available Frequencies: Daily, Weekly, Monthly, Quarterly.
Changing Frequency:
Click on the ••• Options menu.
Select your preferred frequency.
Important:
Values entered for each frequency are independent and retained, even if you switch frequencies.
Only the rates in the currently selected frequency are used in calculations.
Importing Exchange Rates via Excel 📥
Steps to Import Rates
Download the Import Template:
In the Exchange Rates page, click on Import.
Select Download Template to get the Excel file.
Fill Out the Template:
Date: Enter the first day of the period (e.g., first day of the month).
Currency Pairs: Specify the currency pairs you're customizing.
Entity Column:
Leave it empty to import rates at the organization level.
Specify an entity to import rates at the entity level.
Rates: Input the custom rates for each period.
Import the Completed File:
Return to the Exchange Rates page.
Click on Import and upload your filled template.
Important Notes
Existing Pairs Only: The import accepts only existing currency pairs. Add new pairs in Agicap before importing.
Overwriting Rates: Empty cells in the Excel file will erase existing rates. Use this to reset rates if needed.
Mandatory Entity Column: The Entity column must be included in your import file, even if importing at the organization level.
Exporting Exchange Rates 📤
You can export the exchange rates used in calculations:
Navigate to Export:
Go to ⚙️ Settings > Export My Data > Exchange Rates.
Select Export Level:
Choose to export from an Entity or the Consolidation.
Customize Period:
Select the period for the export (up to 5 years).
Download Export:
Click to download the file containing all exchange rates used in your organization.
Understanding the Effects of Custom Rates
Agicap Calculations:
If a custom rate is entered, Agicap uses this rate for all calculations during the specified period.
If no custom rate is entered, default rates from CurrencyLayer are used.
Rate Application:
Rates defined for a month apply to all days within that month.
Changing the frequency affects how rates are applied over time.
Export Implications:
Custom rates appear in exports when they've been set up.
Default rates are displayed where custom rates are not defined.
💡 Tips
Maintain Consistency: Customize rates at the organization level to ensure uniform reporting across all entities.
Efficient Data Entry: Use the Excel import feature to input multiple rates quickly.
Frequency Awareness: Remember that only rates in the currently selected frequency are active.
Regular Updates: Keep your custom rates updated to reflect changes in bank rates or reporting needs.
FAQ ❓
How do I override exchange rates for a specific entity?
To override rates for a specific entity:
Access Exchange Rates:
Go to ⚙️ Settings > Advanced Settings > Exchange Rates.
Expand Currency Pair:
Click on the currency pair you're interested in.
Enter Custom Rate:
Input your custom rate in the entity's row.
What happens if I don't enter a custom rate?
If no custom rate is entered for a currency pair, Agicap uses the default daily rates retrieved from our partner, CurrencyLayer.
Can I use different frequencies for different currency pairs?
No, the frequency setting applies to all currency pairs. However, the values you've entered in other frequencies are saved and can be used if you switch back.
How do custom rates affect my exports?
When you export exchange rates, both custom and default rates are included:
Custom Rates: Appear where you've set them up.
Default Rates: Displayed where custom rates are not defined.
By customizing your exchange rates, you gain greater control and precision in your financial reporting within Agicap. Take advantage of this feature to ensure your cash flow analysis reflects your specific business needs.