Managing Multiple Currencies
The following points indicate how to manage financial amounts in the local currency of each participant while maintaining a central currency.
For more information on use of multiple currencies in HOPEX LDC, see Recording Incident-Linked Amounts.Principle of use
The local currency is the default currency defined for each user of the application. All totals are converted in this currency.
The central currency is the currency adopted by the enterprise as reference currency to consolidate accounts. The amount of an incident, gain or loss is computed in the central currency.
The exchange rate enables calculation, in user currency, of the different amounts associated with incidents in the repository.
Defining Central Currency
The currency that will be used for consolidation of financial amounts should be specified at installation of HOPEX.
To define central currency:
1. In the folder where HOPEX is installed, launch "Administration.exe" and connect with a user that has data administration authorization rights.
The "System" identifier enables connection with the "Administrator" user. This user is created by default, with repository administration rights. It has no profile (it has all rights) and no password is assigned at installation.2. Select the environment then the repository on which you want to work.
3. Right-click the repository and select Options.
The repository options window opens.
4. Select the Installation > Currency folder.
The list of currencies available as standard appears on the right.
5. In the Monetary Symbol field, specify the symbol of your consolidation currency, for example "$".
6. In the Central Currency field, select your consolidation currency, for example "US Dollar".
7. Click OK.
8. Exit the Administration application.
Defining Local Currency
Local currencies proposed to users of the application are defined with the HOPEX Administration application.
To define the list of local currencies:
1. In the folder where HOPEX is installed, launch "Administration.exe" and connect with a user that has data administration authorization rights.
2. Select the environment then the repository on which you want to work.
3. Right-click the repository and select Options.
The repository options window opens.
4. Select the Installation > Currency folder.
The list of currencies available as standard appears on the right.
5. Then select all the currencies that will be used locally by your users.
6. Click OK.
7. Exit the Administration application.
Defining user local currency
Local currency of a user is defined at the level of the entity to which the user belongs.
By default, an entity inherits the local currency of its parent entity. It is not therefore necessary to define the currency of all entities of the application.To define local currency of an entity:
Select Environment > Organization > Entities.The tree of entities appears in the edit area.
1. Select the entity that interests you.
The entity properties window appears on the right of the edit area.
2. Select the Characteristics tab.
3. Expand the Characteristics section and in the Local Currency field select the local currency of the entity.
Define exchange rates
By default, amounts concerning incidents are entered in the central currency (defined at installation).
You can however choose to enter an amount in local currency. In this case, it is necessary to first define an exchange rate.
To define an exchange rate:
1. Select Administration > Currencies > Exchange Rates.
The list of existing rates appears in the edit area.
2. Click New.
3. Select the Origin Currency Code.
4. Select the Final Currency Code.
5. Enter an exchange Rate of the origin currency related to the final currency.
6. Define the period over which the exchange rate is valid by specifying the Rate Start Date.
The Rate End Date is automatically computed by the system.7. Click OK.
The currencies and their associated exchange rates appear. They are now available for entering values linked to incidents.