IMOS - Exchange Rates

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The Exchange Rates form lists the currency conversion, or exchange, rates used in financial transactions in IMOS. The default base currency in IMOS is always United States Dollar (USD), but this is adjusted to the Client’s need, as base currency is the one reflected on Voyage Profit and Loss results and reports. Exchange rates have an Effective Date; they should be updated either manually or automatically (via an external exchange rate feed) to avoid applying outdated rates to newer invoice transactions.

To access the Exchange Rates form, do one of the following:

• On the Financials menu … > under Setup > click Exchange Rates.

• On the Data Center menu … > under Currencies > click Exchange Rates.

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Changing the Base Currency

To change the Base Currency from USD, click in the field, press Delete, press Enter, select the currency, and then click OK.

How Can I update Exchange Rates?

User can manually enter Exchange Rates in IMOS, or IMOS can automatically update exchange rates. The data we provide via data.veson.com is originally pulled from "apilayer“, an Austrian based company, https://currencylayer.com/. There is not an option to change this.

Adding an Exchange Rate

To add an exchange rate:

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1. Effective Date – Exchange rates have an Effective Date which should be updated either manually or automatically via an external feed. This update is done to avoid applying outdated rates to newer invoice transactions. 

2. Currency Code – as setup in the “Currencies” form.

3. Base Currency – always USD.

4. Effective Date – When you save the form, Effective Date populates with today's date. Any transactions that take place on or after this date use this rate.

5. Current Rate of Exchange – The Exchange Rate of the given currency to USD.

In this way once this is setup, when you register an expense/revenue in the currency that you pay/receive, IMOS will automatically provide you with the value in Company’s currency which will be also reflected in Voyage P&L. 

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Effective Exchange Rate

Activated by flag CFGUseEffExchRate. It is a weighted average based on the amount paid for the advance vs. the FDA amount, calculated as:

EffectiveRate = FDACurrAmt / ((FDACurrAmt - PDACurrAmt) / FDAExchRate + (PDACurrAmt / PDAExchRate)

"PDACurrAmt" is the total advance amount.