New System Flag to Retrieve the Currency Exchange Rate as Per the Transaction Posting Date

Why is it Useful?

CMiC has added a new option to use the currency exchange rate based on the posting date, rather than the reference date. Users now have the ability to retrieve the exchange rate from the date of transaction posting. This is helpful for users to identify the exchange rate at the time of posting.

NOTE: This feature was released in Patch 19 in Issue 22.57471 / FIN-10434.

How Does it Work?

Setup

Pgm: SYSOPT – System Options; standard Treeview path: System > Setup > System Options – Global tab

Check the new 'Retrieve the Currency Exchange Rate as per the Transaction Posting Date' checkbox which was added to the Global tab of the System Options screen in the System Data module. By default, this checkbox is hidden and unchecked and will need to be added using Lite Editor.

In addition, the following checkboxes in the AP Control File screen must also be set as follows, otherwise the flag’s functionality may be affected:

  • ‘Invoice Date Is Voucher Post Date’ box must be unchecked.

  • ‘Check And Post Date In The Same GL Period’ box must be unchecked.

The location of these checkboxes is shown in the screenshots below.

Pgm: APCTRLFM – AP Control File; standard Treeview path: Accounts Payable > Setup > Control File Options – Voucher tab

Pgm: APCTRLFM – AP Control File; standard Treeview path: Accounts Payable > Setup > Control File Options – Check tab

Process

Once setup is completed, when the 'Retrieve the Currency Exchange Rate as per the Transaction Posting Date' box is checked on the Global tab of the System Options screen, a new Post Date field will be added by default to the following screens:

  • AP > Enter Voucher

  • AP > Prepare Checks

  • AP > Enter Manual Checks

  • AP > Setup Recurring Entries, in the train stops ‘Activate Recurring Invoices’ and ‘Edit Transactions’

  • AR > Enter Invoices

  • AR > Enter Receipts

NOTE: Only new batches should be used and posted after switching on this new system flag.

 

To learn more about some of the latest features released in this patch, return to Patch 19 Highlights.