*** NEW EFFECTIVE SEPTEMBER 30, 2025 ***
JustConsolidate uses openexchangerates.org to provide historical foreign exchange rates for over 200 worldwide and digital currencies. To support the translation of foreign currency subsidiary financials, exchange rate tables are loaded with monthly average and month-end rates beginning January 2000. The cut-off time for exchange rate data capture is 23:59:59 UTC. Monthly average rates are calculated using an average of daily ending rates.
Modify Rates
Users are able to modify the default rates used for translation by engaging the Forex Management workflow and clicking the Enable Modification of Rates toggle switch. To modify a rate, simply click on the cell containing the default rate, input the new rate and press enter to save the change. Rates can also be modified by export/import of rate tables to xls. Modified rates are clearly displayed in red font to signal what default rates have been altered.
*** Note - existing users of JustConsolidate prior to September 30, 2025 ***
Prior to this date, users were required to enter exchanges rates for foreign currency translation, default rates were not provided. These rates were copied over to the new exchange rate tables and are highlighted in red to clearly distinguish those rates vs any default rates now provided by the system (i.e periods where user did not previously enter rates). Users can leave their previously entered (i.e. modified) rates as-is and begin using system provided default rates for future consolidation periods.
Revert to Default Rates
To restore rate tables to default position across all periods, engage the Forex Management workflow and click the Use Default Rates toggle switch. A warning message will display alerting user that all modified rates entered will be erased and replaced with default rates.
Current Month Exchange Rates
Default exchange rates are supplied during the month using month-to-date historical data through the previous day closing. The monthly average is simply an average of the daily ending rates month-to-date. The month-end rate is the previous day ending rate.
Exchange Rate Rounding
Rates sourced from the provider are not rounded and cross-rate calculations are stored in our database without rounding. For presentation purposes of the rate tables and consolidation workflows, rates are displayed rounded to six decimal spots by default. A toggle switch at the top of the exchange rate table can be turned off to display the full rate that is used for actual translation. The rate table download to excel is also without rounding to match what is used for actual translation.