What are the steps to calculate a new actual cost rate on records in the WIP to a more current rate on the associated matrix?
To recalculate the rate/cost with the most current actual cost rate on a matrix, you need to do a WIP adjustment with "Calculate new rates" box checked. Recalculating the rate overrides the value entered in the Rate field and calculates the value based on the rate matrix associated with the investment. This can only be done directly on a transaction, it cannot be done in bulk for all transactions.
Steps to Calculate New Rates:
1. Navigate to 'Create WIP Adjustment' page
2. Search for and open the transaction
3. Check the box "Calculate New Rates" and click 'Submit' button
4. Navigate to 'Approve WIP Adjustment' page , select the transaction (checkmark) and click 'Approve' button
'Calculating new rates' is not the same as 'Recalculate and Post' action.
The 'Recalculate And Post' button seen in the Post To WIP page will recalculate the total amounts if any of the foreign exchange rates have been modified or if new ones have been added, you can choose to recalculate or update the currency amounts for each transaction based on the most current and applicable exchange rates.
'Recalculate And Post' button in the Post To WIP page affects the amounts only when multi-currency is enabled.
If you click 'Recalculate and Post' button in a Single Currency System, it behaves the same as clicking the 'Post' button because there are no exchange rates to apply to the transactions.
The 'Post' or 'Recalculate and Post' To WIP actions use the current rates that are stored on the transaction that was computed at the time of importing the transactions into the financial module.
Rates and Costs are computed when the 'Post Transactions to Financials' job successfully processes an incoming Timesheet transaction. If a manual transaction is created, the rates and costs are retrieved at the time the transaction is created in the UI or at the time the XOG action is successful.
Therefore, if you need to make any rate and/or cost changes on the live matrix, be sure to make the changes before you execute the 'Post Transactions to Financials' job or before creating a manual transaction in the UI or in XOG.
Therefore, if you have already created manual transactions or executed the 'Post Transactions to Financials' job, and the transactions are waiting for the 'Post to WIP' action, you will need to post the transactions and then Create a WIP Adjustment to 'Calculate New Rates'.
NOTE: In v14.3 a new 'Post to WIP' job was introduced. The 'Recalculate and Post' option on the job is the same as the option on the UI page.
Reference the Product Documentation for Jobs Reference and Financial Management topics.