Organization currency rates

A default currency is set for the Organization by the Administrator - this is known as the base currency. The currency rates configured in the Organization Best Practice Library are relative to the base currency, and apply to the entire Organization. As well as a default exchange rate for each currency, additional rates can be specified; for example, if a contract is required to use a specific exchange rate throughout its life.

To view the organization currencies and exchange rates:

1. Navigate to the Best Practice Library for the Organization.

2. Select the Currencies tab.

   The Currency Rates page is displayed.

Add an Organization currency rate

Users with the Maintain Organisation Best Practice Library permission can add an Organization currency rate.

To add a currency rate:

3. Navigate to the Best Practice Library for the Organization.

4. Select the Currencies tab.

   The Currency Rates page is displayed.

5. Click Add Currency.

   The Add Currency Rate page is displayed.

6. Enter information as required in the relevant fields.

   • Currency: Select the currency for which you want to add an exchange rate.

   • Description: A description of the currency, e.g. the name of the specific project in which it is used.

     This description is used to identify the currency rate throughout AVEVA Contract Risk Management, such as in a currency selection drop-down list.

   • Rate: The exchange rate for the currency, relative to the Organization default currency (which is displayed).

     The exchange rate can be entered with up to seven decimal places.

7. Click Save to add the currency rate.

Edit Organization currency rates

Users with the Maintain Organisation Best Practice Library permission can update an Organization currency rate.

When an Organization currency rate is updated, the following occurs for contracts which are open and not in the Recycle bin:

• Contract financial values will be recalculated (for the contract snapshot and Financial Health page) for contracts which use this Organization currency rate.

• All communications using that currency rate, which are in Draft, will be updated to use the new currency rate.

  Warning Updates to contracts and communications are not instantaneous across the Organization. If there is a high number of contract and communications which use this Organization currency rate, updates may take a long time to be processed.

To edit a currency rate:

8. Navigate to the Best Practice Library for the Organization.

9. Select the Currencies tab.

   The Currency Rates page is displayed.

10. Click the drop-down arrow for the currency rate you want to edit, and select Edit Details from the menu.

    The Edit Currency Rate page is displayed.

11. Edit the information as required in the relevant fields.

    Note The Currency field cannot be changed.

    • Description: A description of the currency, e.g. the name of the specific project in which it is used.

      This description is used to identify the currency rate throughout AVEVA Contract Risk Management, such as in a currency selection drop-down list.

    • Rate: The exchange rate for the currency, relative to the Organization default currency (which is displayed).

      The exchange rate can be entered with up to seven decimal places.

12. Enter a mandatory Reason for Change.

13. Click Save to update the currency rate.

Organization currency rate commercial audit log

To view an Organization currency rate's commercial audit log, which contains a history of all exchange rate changes:

14. Navigate to the Best Practice Library for the Organization.

15. Select the Currencies tab.

    The Currency Rates page is displayed.

16. Click the drop-down arrow for the currency rate you want to view the changes for, and select View History from the menu.

    The Currency Rate History window is displayed, in which you can see all the logged changes to the currency exchange rate.

These include:

• When the currency exchange rate was added (for additional currency rates only), and the values of its fields.

• Changes that were made to the values of the currency exchange rate, including the Reason for Change field.