Adding currencies, currency pairs and exchange rates
When working in a multinational environment, you frequently work with multiple currencies. As a result, you may need to register and report financial data in both the Contract currency and the Functional currency. In Planon, you can register currencies and their corresponding exchange rates. To do this, follow these steps:
• add the required currencies
• add the required currency pairs (for more information, see Currency pair)
• add the exchange rates that apply
Procedure
1. Go to > .
2. On the action panel, click Add.
3. In the data panel, complete the relevant fields. For more information on these fields, see Currency fields.
4. Click Save.
5. Go to the Currency pairs selection level to add the required currency pair(s).
6. On the action panel, click Add.
7. In the data panel, complete the relevant fields. For more information on these fields, see Currency pair fields.
8. Click Save.
9. Go to the Exchange rates selection level to add the required exchange rate(s).
10. On the action panel, click Add spot exchange rate / Add average exchange rate.
11. In the data panel, complete the relevant fields. For more information on these fields, see Exchange rate fields.
12. Click Save.
◦ You can change an exchange rate as long as the exchange rate is taken into account in a trial closure or in a final closure.
◦ A changed exchange rate is applied when performing a trial closure, when (pre)calculating a contract or activating a contract, etc.
◦ You can delete an exchange rate as long as it is not linked to a financial commitment or to an accounting commitment. In practice, this means that you can only delete an exchange rate immediately after you have added it.
 | Within 4-4-5 lease accounting, when adding average exchange rates, these will be based on the relevant week calendar. For more information on working with 4-4-5 lease accounting, see 4-4-5 Lease Accounting. |