Overview
Troika requires exchange rates to be maintained where client transactions are to be posted in addition to those in the system base currency. The rates can be entered at any interval according to your organisations reporting requirements; this could be daily, monthly or annual, for example. When posting foreign currency transactions, the prevailing exchange rate will be offered as a default or this can be overridden with a different rate or foreign currency amount. The Trial Balance will be calculated using the prevailing exchange rates for the selected accounting period, using either closing or historic exchange rates.
Entering a new Exchange Rate
Within Wealth Management, and the Currency tab, click to open the menu option Exchange Rates.
The 'Date From' and 'Date To' fields will default to today's date, and will display any exchange rates already entered for today:
To enter a new rate, enter all information within the fields available for 'Date', currency 'From', currency 'To', 'Rate' and 'Marker'.
Within the ‘Marker’, you have the options to select whether it is an Actual rate (A), Calculated rate (C), Estimated rate (E) or Nominal rate (N).
When entering rates it should be noted that it is the multiplied rate between the from and to each currency.
Once entered, click Accept to save the entry.
Viewing Exchange Rates
To view all exchange rates within Troika for a period of time, amend the ‘Date From’ and ‘Date To’ fields as required. Once done, all entered rates within this period will display below.
Each rate will also display its reciprocal rate.
Deleting an Exchange Rate
To delete an incorrect exchange rate entered, locate the entry you wish to delete and click the Delete button to the right of the entry. You will be prompted to confirm you wish to delete this. Click Yes to continue.
Automatic Calculation of Cross Rates
Troika can calculate any equivalent cross rates based on the information already entered (for the period displayed), when the ‘Calculate’ button is clicked within the ‘Cross Rate Basis’ section:
For example, if you enter two exchange rates for the same day for GBP to EUR, and another for USD to EUR (as above), it can calculate the equivalent exchange between GBP and USD, without having to enter this.
Ensure that the correct base country is displayed before pressing the calculate button. Using the entered exchange rates the system will calculate all possible cross rates for the selected date range. Cross rates will only be calculated where the rates have been entered against the base country.
The calculated exchange rate will be marked with Marker C:
