Apply currency precision for rate/cost. What does this option do?

Document ID : KB000027081
Last Modified Date : 14/02/2018
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Description:

Apply currency precision for rate/cost. What does this option do?

Solution:

On the Administration, Finance: Processing page there is a checkbox option in the "Transaction" Section: "Apply currency precision for rate/cost"

The database will store rates and costs up to 6 decimal places, but the display and calculation of the rates and costs are dependent on the "Apply currency precision for rate/cost" option.

Apply currency precision for rate/cost - CHECKED:
This option is, by default checked. When this option is "checked" then, based on the currency code, the currency precision is applied to rates and costs. For example, If you are creating a rate matrix row and enter a value of 1.115679 for USD currency type, with this option "checked" the value will be stored in the database table as 1.115679 and the value will be displayed on the Rate Matrix page as 1.12 as the currency precision for USD is 2 decimal places. All transactions will use currency precision value when the rates and costs are applied. With this option checked, see the below descriptions for an important note on how the values are stored and viewed by the end-user.

Figure 1

Enter values as shown: Rate (numval1) = 5.112679, Standard Cost (numval2) = 2.114569, Actual Cost (numval3) = 1.115679

Figure 2

Click 'Save and Return' button.
The data is stored in the table as entered by the user, but the display shows only two decimal numbers in some pages.
With this option selected, the values are displayed with 2 decimal precision on the Matrix Rows List View and also if you go back into the Matrix Row Properties page for the record just created.

Figure 3

Figure 4

Figure 5

IMPORTANT NOTE: If the user clicks 'Save and Return' button on the Matrix Row Properties page, with the values displayed with the precision of 2 decimals, the values are updated in the table. Therefore, if you want to use and see values that have more than two decimal numbers, change the option to 'Unchecked' as described below.

Figure 6

Apply currency precision for rate/cost - UNCHECKED:
When this option is "NOT checked" then the non-currency precision value entered (up to 6 decimal places) is displayed as the user has entered it. All rates and costs are then calculated with this value.

Figure 7

Enter values as shown.

Figure 8

Click 'Save and Return' button.
The data is stored in the table as entered by the user and shown in the application as entered by the user.

Figure 9

The Matrix Row List View will also display these values with numbers up to 6 decimal positions.

Figure 10

Note: If you have this option checked, then subsequently uncheck it so that you are no longer using the currency precision, any transactions that are currently in the WIP tables or have been previously invoiced will not get automatically recalculated with the non-currency precision value. This will only apply to financial transactions that have not been posted. You may create WIP adjustments for any transactions that have not been invoiced by re-calculating the rates and costs before you invoice the transaction if you want to use the non-currency precision value.