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Name Convertible Currency
Shortcut CONV
Area Currency Tasks

See the NOVUS Walkthrough Guide for general information about the system.

The CONV program converts instalments on a transaction from a source currency to a destination (banking) currency at a user-defined rate of exchange. All lines on the instalment are converted at the same rate of exchange.

In many cases, the instalment will be converted at a different rate of exchange from that which applied when the transaction was first entered.

This will give rise to an exchange gain/loss because of the resulting difference in value between debtors and creditors. If one or more year boundaries (end of years) exists between the date the transaction was originally entered and the current system date, then the gain/loss will be computed between the last end of the year and the current system date.

When a soft currency transaction is created, it writes a batch record to the Nominal Ledger where the reference is the transaction number. If this number is entered into the ENLBATCH program the journal types will be visible. CONV writes to the same batch journal type F and this should reverse out the rows.

If there are no revenue lines on the transaction then the client gain/loss will be balanced by the company loss/gain i.e. no net gain/loss.

The exchange gain/loss is posted as part of the period summary totals and can be checked using the EPERIOD program. If the row in EPERIOD sums to zero this is fine. Each element can be checked using the ETRAN program. In ETRAN if you filter by each suffix in turn the total of the outstanding destination column can be checked against the suffix column in EPERIOD. E.g. filter for suffix (*) to reconcile to the client record in EPERIOD.

To unconvert a transaction see the UNCONV program

If the transaction is converted at the wrong rate, can it be corrected?

The only way to rectify this is in the MATCH program. During the conversion process, an exchange gain/loss record will have been written to the ledgers. Now there is an incorrect amount of cash to match against the transaction. In the matching process, this difference can be accounted for by including an "exchange gain" write off against the transaction.

This will write a corresponding exchange gain/loss record to the ledgers. i.e. any gain or loss created by the incorrect conversion will be cancelled out by the exchange gain/loss write off in the MATCH program.

If the intention is to convert the instalment at the same rate as cash received (through the CASHENTRY) then the LOV (list of values) on the rate of exchange field will provide a look-up of cashbook records for the account, suffix and currencies concerned.

This program is designed to convert a selection of transactions having common source and destination currencies. All transactions converted will be at the prescribed rate of exchange.

Transactions are accumulated into the period summary totals once they are in banking currencies. This program, therefore, has the effect of bringing the converted instalments into the period summary totals for the current date.

Field Descriptions

Field name Description

Partner Account:


Convert from:

LOV (list of values) is available. optionally specify an account (and suffix).

Normal suffices apply '*'=client, '.' = (re)insurer etc. Only transactions involving the above account and this suffix will be made available for conversion.

Enter the required source currency.

To: Enter the required destination currency.
@: Enter the required rate of exchange. Each user can be assigned a percentage variance by which this value can differ from the prevailing rate of exchange in the currency table. See the system administrator if this prevents entering the rate of exchange required. An error is displayed if the value is outside this percentage variance.
Rate of Exchange: Enter the required rate of exchange source to destination. This must be within your permitted rate of exchange variance.
Base Equiv: The RoX with respect to base currency is shown in the base equivalent field.
Trans Range: Optionally enter a transaction range. If all possible transactions are to be retrieved, enter ‘000000 - ZZZZZZ’.
Pol.No Range: Optionally enter a policy number range.
Latest Ins. Date: This allows future instalments to be truncated. Depending on how your system has been configured this will default either to the last day of the latest blocked period or the current system date. In the first case, if the current period is July and the last posted (closed) period is March then this will default to June 30th.

All instalments of transactions fulfilling the above criteria are displayed on the lower part of the screen. A single line for each instalment (splitter) shows the details as follows: -

Tran. No.: Displayed followed by the transaction type.
Type: Transaction type.
Instalment Date: The instalment date of the transaction.
Sp. Instalment splitter. The first instalment on a transaction has a splitter of 'A'. The second and subsequent instalments are designated ‘B’, ‘C’ etc.
Booked ROX Rate of exchange when the record was entered.
Client Amount: The net client amount inclusive of taxes and fees.
The program allows navigation to the following field: -
Convert: Enter ‘Y’ to convert this instalment and continue with other lines as required. Press [COMMIT] to proceed when all required records have been flagged.
New Outstanding: The client amount at the specified rate of exchange is displayed.

Press [COMMIT] to initiate the conversions. The system automatically prints a conversion report for each converted transaction.


v 5.0.0 – Updated to latest version

v38S - updated field names.

v23M - Remove need to look at end of year exchange rates for this year's conversions. LOV on ROX restored

v20T - First version of this form to use the new style. No other updates except the restyle.