Managing exchange rate groups
The v10 application, through the "Admin" component, enables you to manage exchange rate groups (also called FX rate groups) that will be used in the system, notably in the compensation round configuration. The exchange rates defined in the group are then used to convert the amounts when end-users change the display currency in the individual planner.
In v10, an exchange rate group is a group of currencies governed by rate matrix (with rates defined between each currency pair in the group). It is possible to define any number of exchange rate groups in order to cover the various situations where rates might be required.
Using the "Exchange Rate Groups" page, you can:
Accessing the exchange rate group management page
To access to the exchange rate group management page, proceed as follows:
Open the "Admin" component of the v10 application.
In the component menu, navigate to Currencies & Rates > Exchange Rate Groups. The exchange rate group management page is opened, as illustrated in the following figure:
Exchange rate group management page
About exchange rate group statuses
In the "Exchange Rate Groups" page, an exchange rate group can have three different statuses, depending on their progression and readiness:
Draft: the exchange rate group has not been published. It cannot be used in a comp round. Changes can be made and the group can be deleted without any impact on the rest of the application.
Published: the exchange rate group has been published. It is ready to be used in comp rounds, but is not yet used. Changes can be made (via the staging area) and the group can be deleted without any impact on the rest of the application.
In Use: the exchange rate group is used in at least one comp round. Changes can still be made (via the staging area). Deletion is not possible (to delete the group must be removed from the comp round in which it is used).
This is a tip message.
A blue bullet at the right of the "Published" and "In Use" statuses indicates that the group as staging values (unpublished changes to the definition of the group).
Searching for an exchange rate group
To search for an existing exchange rate group, proceed as follows:
Open the "Exchange Rate Groups" page (see Accessing the exchange rate group management page). The page displays the list of exchange rate groups that have already been created in the system.
In the Filter field, located at the top of the page, enter the name (or part of the name) of the group that you are looking for. The search is performed on-the-fly and the list of exchange groups is filtered out according to your entry, as illustrated in the following figure:
Exchange rate group search
Viewing an existing exchange rate group
To view the definition of an exchange rate group, proceed as follows:
Open the "Exchange Rate Group" page (see Accessing the exchange rate group management page).
Locate the exchange rate group whose definition you want to view (see Searching for an exchange rate group).
Click the tile corresponding to the exchange rate group. The definition of the exchange rate group is displayed.
This is an note/information message.
The page that is opened when you click an item in the exchange rate group list depends on the status of the group. If the group is in "Draft" status, the "Staging Values" view is opened. If the group is in "Published" or "In Use" status, the "Published Values" view is opened.
"Staging Values" view
"Published Values" view
Published values vs Staging values
When an exchange rate group has been published ("Published" or "In Use" status; see About Exchange Rate Group Statuses) two views are available when opening the group: the "Published Values" view and the "Staging Values" view.
Published Values: this is the default view for a published group. It is not available as long as the group has not been published. The "Published Values" view is a static view of the group in the state in which it was published. The only possible operation in this view is an export of the exchange rate file (for review).
Staging Values: this is the working view for exchange rate groups. It is the only possible view for groups that have not yet been published. For all groups, this view enables you to configure the group, properties and rates alike. For published exchange rate groups, you can make changes in this view and save the changes without publishing them, and publish them later on or drop them entirely.
Creating an exchange rate group
To create an exchange rate group, proceed as follows:
Open the "Exchange Rate Groups" page (see Accessing the exchange rate group management page).
Click New Exchange Rate Group, at the top of the page. The "New Exchange Rate Group" contextual window is opened.
Enter the basic properties of the new group in the pop-up:
Enter the name of the new group in the Name field;
Type a description for the group in the Description field;
Select the currencies that you want to use in the Currencies drop-down list.
Click Save in the lower-right corner of the contextual window. The group is created in the system in draft status and you are directed to the "Staging Values" view for the group.
This is an note/information message.
The items available in the Currency drop-down list depend on the currencies enabled in the system. To manage system currencies, refer to Managing currencies.
About the definition of exchange rates
In an exchange rate group, you need to define rates for all possible combinations of currencies, which means that you need to define rates to and from each currency.
For instance, if your group has two currencies, CHF and EUR, you will need to define the following rates:
CHF to EUR
EUR to CHF
However, if you have three currencies in a group (CHF, EUR and USD), you will need to define rates as follows:
CHF to EUR
CHF to USD
EUR to CHF
EUR to USD
USD to CHF
USD to EUR
This is a warning message.
The more currencies you include in an exchange rate group, the more rates you will need to define.
However, the application offers a convenient feature called "triangulation". This feature enables you select a currency around which you want to center all rates, define only the rates for this currency. Based on the values entered there, the system will then calculate the other rates to and from the other currencies in the group. For more information about triangulation, see Using triangulation for the definition of exchange rates.
For the full procedures related to the definition of exchange rates within an exchange rate group, see Configuring exchange rates.
Configuring exchange rates
Once you have created an exchange rate group, you need to configure the exchange rates for all the currency pairs in the group.
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The definition of exchange rate is governed by a number of principles that you need to review and understand before defining the rates. To read these principles, refer to About the definition of exchange rates.
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The procedure below, does not use triangulation. For the use of triangulation when defining exchange rates, see Using triangulation for the definition of exchange rates.
To configure the rates for an exchange rate group, proceed as follows:
Open the exchange rate group that you want to configure (see Viewing an existing exchange rate group).
Make sure that you are in the "Staging Values" view.
Navigate to the "Exchange Rates" section of the page.
Select a value in the Stored Value Decimal Precision drop-down list. This will determine the number of decimal places stored in the database for exchange rates. This value has no impact on the display of decimals in the application.
In the "Exchange Rate Type" section of the page, select the exchange rate type for which you want to define rates. Rates must be defined individually for each exchange rate type. For more information about exchange rate types, see Managing exchange rate types in an exchange rate group and Managing exchange rate types.
Click the Download Template button within the exchange rate type tab. The exchange rate file template is exported. The system generates an exchange rate file template according to the currencies that are included in the group, with the right combinations. If we take the example of a group with CHF, EUR and USD, then the file will look like the following figure:
Rate file format
Enter your rates in the file, for each currency pair, after the separator bar, as follows:
Completed rate file
Click the Upload FX Rate Data button. An explorer window is opened.
Browse for the rate file, and then confirm. The file is imported in the system. A new information is added in the exchange rate type tab regarding the data upload, as illustrated in the following figure:
Data upload timestamp
Click Save as Staging in the lower-right corner of the application window.
This is a tip message.
If you want to check the imported values or review them at a later date, click Export FX Rate File. The Download Template button will always export an empty file.
This is an note/information message.
The rate values that you enter in the rate file must obey the following rules: the decimal separator must be a period (.) and the rate value cannot contain more than 15 decimals (it can contain fewer). Any violation will result in a failure of uploading the rate file.
This is an note/information message.
Various error messages can be displayed in the application, for instance in case of a mismatch between the currencies in the uploaded file and the exchange rate group, if there is an error in the file, a format issue, etc.
Using triangulation for the definition of exchange rates
When defining exchange rates for an exchange rate type within an exchange rate group, a rate must be provided for each currency pair within the group. This operation can be done quickly and efficiently for exchange rate groups in which the number of currencies is limited. However, when numerous currencies are used, the number of pairs to configure can be very high (number of currencies squared - number of currencies). For instance:
Group using 3 currencies: 6 rates to define
Group using 10 currencies: 90 rates to define
Group using 30 currencies: 870 rates to define
In order to make it easier to define the rates for large exchange rate groups, the beqom application offers a triangulation feature that enables you to select a pivot currency, define rates from the pivot currency to all the other currencies in the group and let the system calculate all the other rates based on the reference rates.
To use the triangulation and define a pivot currency in an exchange rate type, proceed as follows:
Open the exchange rate type that you want to configure (see Viewing an exchange rate type)
Make sure that you are in the "Staging Values" view.
Navigate to the "Exchange Rates" section of the page.
In the "Exchange Rate Type" section of the page, select the exchange rate type for which you want to define rates. Rates must be defined individually for each exchange rate type. For more information about exchange rate types, see Managing exchange rate types in an exchange rate group and Managing exchange rate types.
In the Triangulation Currency drop-down list, select the currency that you want to use as the pivot for the definition of rates.
Click Download Template. The empty exchange rate file is downloaded.
Enter the rates in the downloaded file.
Click Upload FX Rate Data. An explorer window is opened.
Browse for the file, and then confirm. The file is imported in the system and the application performs the calculations for all the rate pairs.
Click Export FX Rate File. You can now see that all the rates have been populated.
If required, you can make changes to the currencies of your choice, and then re-upload the file using the Upload FX Rate Data button.
This is a tip message.
To remove the triangulation currency, you can simply select None in the Triangulation Currency drop-down list.
Managing exchange rate types in an exchange rate group
You can attach multiple exchange rate types to a given exchange rate group. This will enable you, as an administrator, to define different exchange rates for the same currency pairs depending on the context.
Exchange rate types are created in a dedicated management page in the "Admin" component of the beqom Web Application. For more information about the management of exchange rate types, see Managing exchange rate types.
By default, the system uses an exchange rate type called "Default" in each exchange rate group. If you do not wish to add several exchange rate types, you can then simply define the exchange rates between the various currencies in the exchange rate group within the "Default" exchange rate type.
Within an exchange rate group, you can:
Add an exchange rate type (see Adding an exchange rate type to an exchange rate group)
Remove an exchange rate type (see Removing an exchange rate type from an exchange rate group)
Adding an exchange rate type to an exchange rate group
You can add exchange rate types for an exchange rate group within the "Staging Values" configuration page of each exchange rate group. As a system preset, the "Default" exchange rate type is always added to every exchange rate group.
You can, however, add other exchange rate types to the group in order to fit any and all needs in terms of exchange rates.
To add an exchange rate type to an exchange rate group, proceed as follows:
Open the exchange rate group that you want to configure (see Viewing an existing exchange rate group) and make sure that you are in the "Staging Values" area.
Navigate to the "Exchange Rates" section, and then to "Exchange Rate Type". You can see that the "Default" exchange rate type is already present in the section, as illustrated in the following figure:
Default exchange rate group
Click the + icon located at the right of the "Default" exchange rate type. A pop-up that contains all the available exchange rate types is opened.
In the pop-up, click the rate type that you want to add. The item is immediately added at the right of the already added exchange rate type(s), as illustrated in the following figure:
Newly added exchange rate type
Click Save as Staging in the lower-right corner of the application window. The exchange rate type is added to the exchange rate group.
This is a tip message.
If there are already multiple exchange rate types added to the group, you can use the chevrons at the right of the line to navigate to the newly added exchange rate type.
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You can access the exchange rate type management page directly from the addition pop-up in order to create an exchange rate type. For more information about the creation and management of exchange rate types, see Managing exchange rate types.
Removing an exchange rate type from an exchange rate group
You can remove any exchange rate type from an exchange rate group, except for the default exchange rate type. However, when performing this operation, you need to keep in mind that the exchange rate type can be used in a comp element and that removing it will have consequences on the global configuration of the corresponding comp round(s).
To remove an exchange rate type from an exchange rate group, proceed as follows:
Open the exchange rate group that you want to configure (see Viewing an existing exchange rate group) and make sure that you are in the "Staging Values" area.
Navigate to the "Exchange Rates" section, and then to "Exchange Rate Type".
Locate, in the list of added exchange rate types, the item that you want to remove. If there are multiple items added to the exchange rate group, you can use the chevrons at the far right of the line in order to locate the relevant exchange rate type.
Click the name of the rate type that you want to remove. Once the item is active, a " x " icon is displayed at the left of exchange rate type name, as illustrated in the following figure:
Exchange rate type removal
Click the "x" icon. A confirmation message is displayed.
Click Remove. The exchange rate type is removed from the exchange rate group.
Publishing an exchange rate group
Once you have properly configured your exchange rate group, you can publish it in the system and make it available for use in comp rounds.
To publish an exchange rate group, proceed as follows:
Open the exchange rate group that you want to publish (see Viewing an existing exchange rate group).
Review your group to make sure that it is properly configured for the publication.
Click Publish in the lower-right corner of the application window. A success message is displayed and the group is now available for use in comp rounds. You also notice that the status of the group is switched to "Published".
This is a warning message.
The system performs validation checks when you attempt to publish an exchange rate group, such as missing rates. Any error will result in the failure of the publication.
This is a tip message.
To use the exchange rate group to a comp round, see Managing comp rounds.
Editing an exchange rate group
You can edit an exchange rate group at any time. Editing an unpublished group has no impact; however, if you want to edit a group that has been published/is in use, you will need to use the "Staging Values" view, and the system will perform checks and give warnings when republishing the group (i.e. validating the staging values and using them as published values).
The procedure below assumes that the group that you are editing is published/in use.
To edit an exchange rate group, proceed as follows:
Open the exchange rate group that you want to edit (see Viewing an existing exchange rate group).
Open the "Staging Values" view (the "Published Values" view is read-only; see Published values vs Staging values).
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Perform your changes:
In the Name field, edit the name of the group;
In the Description field, edit the description of the group;
In the Currencies drop-down list, add or remove currencies from the list of available currencies for the group. Please note that the currencies selected in the list must match the currencies in the exchange rate file. Any change in this field should trigger a review/modification of the exchange rate file;
Export/import the rate value file to change the rates (see Configuring exchange rates).
Click Save as Staging in the lower-right corner of the application window. The changes to the group are saved as staging values (pre-production).
This is an note/information message.
To push the changes to the application (and, by extension, to the comp round(s) where the group is used), you must republish the group. For more information, see Publishing an Exchange Rate Group.
Editing exchange Rates
To edit exchange rates, proceed as follows:
Open the exchange rate group that you want to edit (see Viewing an existing exchange rate group).
Make sure that you are in the "Staging Values" view.
Navigate to the "Exchange Rates" section of the page.
In the "Exchange Rate Type" section of the page, select the exchange rate type for which you want to define rates. Rates must be defined individually for each exchange rate type. For more information about exchange rate types, see Managing exchange rate types in an exchange rate group and Managing exchange rate types.
Click Export FX Rate File. The rate file containing the rate values currently defined for the exchange rate type is downloaded on your computer.
Open the file and make the required changes to the rates.
Click Upload FX Rate Data. The new rates are imported in the system.
Clearing staging values
If you have performed changes to an exchange rate group that you have saved as staging values, the system offers you the possibility to discard the staging changes. By doing so, it effectively overwrites the staging changes that you have saved with the published values for the group.
To discard saving changes, proceed as follows:
Open the exchange rate group in which you want to work (see Viewing an existing exchange rate group).
Make sure you are in the "Staging Values" view, by clicking Staging Values in the upper-right corner of the application window.
Click Clear Staging, in the lower-right corner of the application, as illustrated in the figure below. The button is active only if staging changes have been saved for the group.
Discard staging values
In the configuration message that is displayed, click Clear Staging Values. A success message is displayed and the staging values are overwritten.
This is a tip message.
When a published group has staging values, a blue bullet is displayed next to the status. Clearing the staging values removes this indicator.
Cloning an exchange rate group
The beqom application offers you the possibility to clone (i.e. duplicate) an existing exchange rate group. This is very useful to create similar groups but for different periods, with different rates, for example.
To clone an exchange rate group, proceed as follows:
Open the "Exchange Rate Groups" page (see Accessing the exchange rate group management page).
Locate, in the group list, the exchange rate group that you want to clone (see Searching for an exchange rate group).
Hover your mouse cursor over the tile corresponding to the group; do not click the group. A contextual toolbar is displayed in the far right of the tile.
Click the
icon in the toolbar, as illustrated in the following figure:
Clone button
In the "Clone Exchange Rate Group" contextual window, enter a name and a description for the new group. The currencies of the original group are retained for the cloned group.
Click Save in the lower-right corner of the contextual window. You are directed to the "Staging Values" view for the new group.
Perform all the adjustments required for the group (see Editing an exchange rate group and Configuring exchange rates.
Deleting an exchange rate group
To delete an exchange rate group from the system, proceed as described below.
This is a warning message.
You cannot delete a group that is in use (see About exchange rate group statuses). To delete a group that is in use, you must remove it from every place where it is used and then delete it.
Open the "Exchange Rate Groups" page (see Accessing the exchange rate group management page).
Locate, in the group list, the exchange rate group that you want to delete (see Searching for an exchange rate group).
Hover your mouse cursor over the tile corresponding to the group; do not click the group. A contextual toolbar is displayed in the far right of the tile.
Click the
icon in the toolbar, as illustrated in the following figure:
Group deletion
In the confirmation message that is displayed, click Delete. The group is deleted from the system.