The Currency Module

The Currency module in Cubix enables input level data in a variety of currencies to be converted to a standard reporting currency (or Base Currency).

To enable the journal module, click on the power icon in the Currency Members tile.

With the currency module enabled, each entity can have a local currency assigned, each variable an exchange rate type assigned (e.g. Average Rate, Closing Rate, Opening Rate etc.) and the model as a whole, two or more currency views defined.

Together these three elements enable source local currency data to be converted to a common base currency using exchange rates that are entered or loaded into the model for the appropriate currency, period and exchange rate type and version.

*After enabling and setting up the currency module, you will need to revisit the Entity and Variable dimensions to add the appropriate currencies to the entities and the appropriate exchange rate types to the variables.

Inbuilt Currency Conversion or a Dedicated Rule

The default currency conversion for Cubix is to take the local currency value for a particular time period and convert it to the Base Currency using whatever exchange rate has been entered for that period. This method is suitable in many instances, however, there is a scenario where this standard method would not give the desired result.

For Profit & Loss accounts, the entered or loaded local currency values are normally converted using an average exchange rate for the period. The standard conversion method handles this fine when the data has been entered in periodic value mode. However, if the data has been entered in cumulative Year To Date mode, The standard method would convert the Year To Date local currency value using the exchange rate for just the current month. In this instance a special rule can be written to correctly handle the currency conversion. See Currency Conversion Rule for more information.