Currency rate effective date

David Robertson

David Robertson

Reputable Poster
I've written a process to import currency rates into JDE from an external service.
I'm using the rates along with the supplied closing date as the effective date into JDE.

Is this correct? This mean basically that there is never a "current" rate, the best at any given time is "yesterdays rate".
Not a huge issue, but causes some inconsistency with back dated month end adjustments for example, using a different rate than transactions entered on the actual day.
(i.e Transactions entered on 30/06/2015 would use the rate for 29/06/2015, transactions entered later as 30/06/2015 would use the rate for 30/06/2015)

Should I instead be using the closing date +1?
Transactions on a given day would actually still use the same actual rate, but backdated transactions to that date would use the same rate = consistency!
We used the date provided by the service (OANDA) which was the current date, so we were basically loading the opening rates for that date. So in your example the effective date would be closing date + 1.

It's been a while, but I think there were also a subset of currencies (like MXN) that had to be manually loaded since the rate they were required to use was published locally in country and we couldn't use the rates provided by OANDA.
Thanks. Yeah that's what we went with.

We're using Oanda as well, and they only supply 4 decimals, and even then their inverse rates don't agree with each other.
GBP to USD ask = 1.5716 (inverted = 0.63629422)
USD to GBP ask = 0.6364 (inverted = 1.57133878)
Maybe I'm just being obsessive about it...

We do receive daily rates for MXN from Oanda though.