Configuration of Rate Types and Rates: To Set Up Refreshing of Rates

In this implementation activity, you will learn how to set up the refreshing of currency rates by using the Open Exchange Rates API online service, and then test the refreshing of currency rates.

Story

Suppose that the initial configuration of the multicurrency functionality has been completed, the implementation consultant has to update exchange rates for one of the currencies that you set up in the system in Multicurrency Functionality: Implementation Activity—the euro (EUR). The consultant has decided to use the Open Exchange Rates API online service to refresh the rates for the euro.

Acting as the implementation consultant, you will automatically refresh the exchange rates for the EUR currency.

Configuration Overview

For the purposes of this activity, the following features have been enabled on the Enable/Disable Features (CS100000) form:

  • Standard Financials, which provides the standard financial functionality
  • Multibranch Support, which supports multiple branches in your instance of MYOB Acumatica
  • Multicompany Support, which supports multiple companies within one tenant
  • Multicurrency Accounting, which enables multicurrency operations in the system

On the Currencies (AP101000) form, the settings of the base currency (USD) and a foreign currency (EUR) have been defined.

Process Overview

On the Currency Rate Types (CM201000) form, you will enable the refreshing of currency rates for the SPOT rate type. Then on the Refresh Currency Rates (CM507000) form, you will run the process of refreshing currency rates for EUR for today's effective date. Finally, you will run a report on the Currency Rate History by Date (CM651000) form to review the historical rates for a particular range of dates.

System Preparation

To prepare the system, do the following:

  1. Launch the MYOB Acumatica website, and sign in to a company with the U100 dataset preloaded. To sign in as an implementation consultant, use the gibbs username and the 123 password.
  2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to today’s date. For simplicity, in this activity, you will create and process all documents in the system on this business date.

Step 1: Enabling the Refresh of Currency Rates for the SPOT Rate Type

To enable the functionality of refreshing currency rates for the SPOT rate type, do the following:

  1. Open the Currency Rate Types (CM201000) form.
  2. For the only rate type in the table (SPOT), select the check box in the Refresh Online column.
  3. On the form toolbar, click Save to save your changes.

Step 2: Refreshing the Currency Rates

To refresh currency rates for the EUR currency, do the following:

  1. Open the Refresh Currency Rates (CM507000) form.
  2. In the Selection area, specify the following settings:
    • To Currency: USD
    • Currency Effective Date: today's date (inserted by default)
    • Rate Type: SPOT
  3. In the table, select the Included check box for the row with the EUR currency.
  4. On the form toolbar, click Process. In the Processing dialog box, which opens, click Close.

Step 3: Reviewing Historical Rates

To review the list of all EUR rates that are or have been effective in a particular date range, do the following:

  1. Open the Currency Rate History by Date (CM651000) form.
  2. On the Report Parameters tab, specify the following parameters:
    • From Date: 1/1/2023
    • To Date: 2/28/2023
    • Currency: EUR
  3. On the form toolbar, click Run Report.
  4. Review the generated report, which displays the exchange rates defined for conversion from EUR to USD that are effective in the specified date range.