In CAPEXPLAN, managing approval currencies is a crucial aspect of handling capital expenditure requests. This article outlines the process of setting up and utilizing approval currencies within the system, ensuring a smooth and accurate approval flow.
1. Defining Approval Currency
When the Approval Currency is Not Defined
- General Settings: If the approval currency for the company is not defined (left blank), the system will not automatically apply any currency conversion to the approval flow.
- Approval Limits: For each approver, the approval limits of all currencies must be defined under General Settings >> Approval Policies >> Capex Request Flow page.
- Zero Limit Handling: If the approval limit for a local currency is set to zero, the approver will be excluded from the approval flow for requests made using that currency.
When the Approval Currency is Defined
- Currency Conversion: All requests created in local currencies will be automatically converted to the defined approval currency. For example, if the defined approval currency is USD, all requests will be accompanied by an equivalent amount in USD.
- Approval Limits in Defined Currency: Only the approval limits for the defined currency need to be set under General Settings >> Approval Policies >> Capex Request Flow. If an approval limit is set to zero, the approver will be bypassed in the approval flow, regardless of the local currency used.
2. Currency Conversion Rates
Default Conversion Rates
- By default, CAPEXPLAN uses real-time exchange rates from the FX market to convert local currencies to the defined approval currency.
Setting Custom Exchange Rates
- Users can define custom exchange rates under Account >> Advanced Settings >> General.
- Rates can be specified for different periods:
- Monthly
- Quarterly
- Annually
- These rates can be applied to various financial overviews within the platform, such as Requests, Budget Overview, Manage Budget, or Dashboard, by selecting the corresponding options.
Batch Upload of Exchange Rates
- Templates are available to facilitate the batch upload of exchange rates for each period. This feature helps streamline the process of updating rates, ensuring consistency and accuracy across all financial operations.
