The Currency Changeover process is used in the event a country changes its currency. This process converts data and the currency code associated with the old currency to a new currency code and all amounts, as well as the exchange rates, are adjusted based on the exchange rate provided. Note, because this is a system update, all modules will be affected.
Note: It is strongly recommended that a backup of the database occurs before processing a currency changeover batch. Historical data related to currency change should be either exported or reported out of the system. This functionality affects currencies and amounts across the whole site and is permanent and irreversible. Do not use unless necessary.
The Currency Changeover process can only be completed at the system level. Navigate to the Currency Changeover screen through the Global Search.
If the system previously had a Currency Changeover process or batch, a list of un-initiated and completed processes will be shown in the Currency Changeover History grid.
To start a new process, click
.
It is assumed that before this next step, the Country and its respective new currency code have already been created. Please check Country and Codes.
The Currency Changeover page displays:
From Currency - is the old currency to be converted.
Exchange Rate - is the current exchange rate between the old currency and the new currency. This exchange rate adjusts all exchange rates throughout the system accordingly.
To Currency - is the new currency desired currency.
Select the old currency from the drop-down list in the From Currency field and select the new currency from the drop-down list in the To Currency field. Finally, determine the exchange rate to use. Note, this exchange rate adjusts all exchange rates throughout the system accordingly. Click
to proceed.
The process uses the batch service to update all currency codes and data associated with the new currency. Once the process has been completed the currency selected in the ‘From Currency’ field becomes inactive.
The changeover batch history will list all currency changeovers. The Currency column will list the From Currency, To Currency and the Exchange Rate used. The Status Column will list the Status, Process Date, and Processed By information.
Things to Note
This is a system-wide change all modules are affected. The change will be made but not limited to the below:
Currency setting on the Country Profile
Default Company Currency
Currency fields across the Assignment level
It is recommended to run a currency report first to identify assignments that will be affected by this process. You can then classify records that will be affected, such as those that are in progress – i.e. most vulnerable to being impacted – and historic files which are less vulnerable.
You should also identify user/custom reports or stored procedures that might have a hard-coded reference to the old currency code.
The Currency Changeover process should not be confused with update country currency code process.