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Foreign Exchange Overview

By Jennifer Goodsell | Updated

 

Overview

Expenses in multiple currencies are a part of doing business in the global economy. With Kantata's Foreign Exchange feature, you can import a currency exchange table from a CSV file, track expenses in other currencies, and convert them to the project's currency. When coupled with Kantata Insights, you'll gain in-depth reporting on how your project fees compare to converted fees, giving you a better understanding of your business' global financial health.

By default, Account Administrators have access to view and manage Foreign Exchange settings, but other account members can be given access via the Foreign Exchange Access Group. Once you've set up your Access Groups for foreign exchange, those account members can go to Settings > Foreign Exchange to access the Exchange Table. Those with permission to update the Exchange Table will be able to import exchange rate files, which will allow members to convert currency for financial data such as expenses and cost budgets.

Exchange Table Page

The Exchange Table contains all of your foreign exchange information. At a glance, you can see what currencies you are using, the exchange rate, and when that rate is in use. If you haven't added an exchange table yet, the Default Exchange Table will appear empty.
foreign-exchange-table-with-rates.png

The exchange table consists of the following columns:

  • Source Currency—The currency you are converting from.
  • Target Currency—The project currency, or the currency you are converting to.
  • Exchange Rate—The value of one currency when converted to another. 
  • Effective Date—The date the exchange rate takes effect. It can be on a daily or monthly basis.

A Source Currency and a Target Currency makeup a currency pair. If you are using Kantata Insights, the exchange rate table is limited to 400 pairs.

While you currently can't delete exchange rates directly from the table, if you find an error or need to add, update, or remove any, you can import a new CSV file. As long as the Effective Dates are the same, the new rates will override the old rates in the table. Importing rates with different Effective Dates will add new rows to the table.

NOTE

Importing exchange rates that have an Effective Date in the past will not update historical records. The Exchange Rate is captured based on the Effective Date at the time a record is created, so if you need to backdate the exchange rate on historical records, follow the steps for editing an approved expense.

 

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