Defining a Currency Conversion

Objectives

After completing this lesson, you will be able to:

  • Create a Currency Conversion in SAP Fieldglass.

Currency Conversion

Companies that use multiple currencies can track up-to-date exchange values using Currency Conversions.

Conversion factors are used to convert currency amounts to their equivalent values in the other currencies. The conversion factors can be established manually using this admin object, with a currency conversion connector, or automatically using an integration with OANDA, a foreign exchange service.

Navigating the Currency Conversion Admin Object

screenshot of the Financial Data section of the Admin Menu, the Currency Conversion link is highlighted
1To view a list of currencies in the tenant that currently have conversion values assigned, select the link to the Currency Conversion code from the Financial Data section of the admin menu.

Currency Conversion List page

The currency conversions found on the list page displays factors that were configured manually. Manual conversions are generally rare. If conversions are required, they are usually performed through OANDA integration.

screenshot of Currency Conversion List page showing conversions for BRL, CAD, and JPY, with the Conversion Factor column, the Effective On column, and the the CAD (Canadian Dollar) link in the Currency column highlighted
2The Conversion Factor is the USD exchange rate SAP Fieldglass will grant for the foreign currency
3The Effective Date is the date the conversion will begin.
4To review the details of a conversion, select the appropriate code in the Currency column.

Currency Conversion Details page

screenshot of CAD (Canadian Dollar) Details page

The details page displays the same information found on the list page. However, it includes an ‘Edit’ button to allow users (with correct permissions) to manually update the conversion factor.

Create a Currency Conversion

WorkingNet needs to compare worker procurement costs between its US offices and its UK offices. To do so, it needs a means of determining the exchange rates between the two currencies.

As the SAP Fieldglass administrator for WorkingNet, you will need to create a currency conversion to determine the value of the British Pound against the US dollar.

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