Question

Wrong Parallel Currency Upload in IFS

  • 7 May 2021
  • 1 reply
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Issue Statement: Wrong Parallel currency rates Uploaded in IFS application, (inverted rates import in IFS)

Example : USD rates should 1.19 in file, but file has uploaded with rate 0.83 for USD with reference currency as ‘EUR’ (inverted)

 

Background of case: Wrong Rate of Parallel Currency Rate has been uploaded in IFS application as a Result Parallel Curr Debit Amount and Parrallel Curr Credit Amount so during the Currency Revaluation incorrect Currency Gain/Losses has been observed

 

What can be possible solution instead of just Rollback of transactions,? Because so many transactions booked.

also what is correction needed so that Currency Revaluation (Parallel Currency Rate) will be intact

 

Thank you for your help.

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1 reply

Thanushi Jayaweera
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Hi @CapAbhijP ,

 

As I understood the explanation above, you uploaded a file with incorrect parallel currency rates by mistake to the IFS Application hence the issue occurred.  Please correct me if not.

 

The answer would depend on whether you have processed any transactions based on those incorrectly recorded parallel currency rates.
 

If you have not processed any transactions such as invoice creations etc. based on these incorrect parallel currency rates, then you have the options given below:

  • You can upload a new file in the same manner through the file upload with the correct currency rates. By doing this you can resolve the issue immediately.
  • You can go to the Currency Rates window and manually update them as shown below. This will also help you correct those incorrect rates to the correct rates which will resolve the issue.

 

 

 

But if you have already done transactions with the incorrect parallel currency amounts then those transactions too will need to be corrected to reflect the correct amounts. However, this will need to be corrected upon an in-depth analysis and if required through a data repair, correction vouchers, voucher roll-backs and other methods available as appropriate for each transaction.


However, if you uploaded the correct parallel currency rates via a file and the IFS Application processed them incorrectly then an investigation will need to be conducted to identify the root-cause. But I believe this is not the case hence the above answer should help you resolve the issue.

Hope my answer would help you resolve your issue :relaxed:

Best Regards,
Thanushi

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