Manage Currencies

Settings

The settings section allows users to configure various aspects of the currency within xpna. It provides options to define which currencies are active and to set a default currency that will serve as the base for all calculations and reporting.

Active Currencies

The active currencies setting allows users to manage which currencies are active within xpna. This setting provides a selectable list of available currencies, enabling users to choose which currencies show for selection when reporting. The active currencies list can be modified at any time to reflect changes in business needs or reporting requirements.

Default Currency

The default currency setting allows users to select a base currency from their list of active currencies. This selection determines the primary currency used for all calculations within xpna. Setting the default currency ensures that all foreign exchange calculations are consistent and based on a single reference currency. Users can change the default currency as needed, but it must be chosen from the currently active currencies.

Connection Specific

Xero

Each Xero connection has a currency set as the default or home currency. This currency will always be added to the set of active currencies and is conceptually the local currency within xpna for that entity.

Rates

The rates section is integral to managing foreign exchange rates within xpna. By default, xpna maintains a set of foreign currency rate tables for the supported available currencies.

Default Rate Tables

The default rate tables include two primary types of rates:

1. Average Monthly Rate: This rate is used for calculating average monthly exchange rates, providing a consistent basis for financial reporting and analysis over a monthly period.
2. Month End Rate: This rate is used for calculating the exchange rate at the end of each month, which is essential for end-of-month financial statements and reconciliations.

Managing Rates

Managing rates within the system allows users to override specific rates based on currency, scenario, and period. This flexibility ensures that users can input custom rates to reflect unique business conditions or scenarios. Users can update these rates as needed to ensure that all financial calculations remain accurate and relevant.

To manage rates, users can access the rate management interface, where they can select a currency and specify the scenario to load the current rate table.

Users can override either the month end rate or the average rate for any period.

NOTE:

For all scenarios (other than acutals) where no rate has been entered, xpna will fall back to the last available rate for that currency.

For example:

If a scenario goes from Jan 2025 to Dec 2027 and an override is entered in Jan 2025, it will apply for all future periods.

If no rate is specified at all for a scenario, all periods will fallback to use the latest live rate from acutals.

Available Currencies

The following currencies are kept updated daily from the Currency Layer service:

• Australian Dollar
• British Pound Sterling
• Canadian Dollar
• Chinese Yuan
• Euro
• Hong Kong Dollar
• Indian Rupee
• Indonesian Rupiah
• Japanese Yen
• New Zealand Dollar
• Singapore Dollar
• South African Rand
• US Dollar

If there is a currency that you require, please contact xpna support to discuss whether that currency can be added to the set of currencies we make available to all customers.