Purpose

To set the local Currency and Record Exchange Rates of other Currencies

SubSystem

Finance

Fee Assessment Rates can be entered using any of the Currencies recorded in this form. The appropriate Currency for a Fee Category is set in the Maintain Fee Categories form, FINF2800, and the Fees of students in that category are calculated by the Fee Assessment Routine (FINJ3500 or FINJ3001) using the rate recorded (in the appropriate currency) in the form Define Fee Assessment Rates, FINF2853.

For example, an institution offers a study module taught in another country, with Fees charged in that Country's Currency. An Australian University teaching a Unit hosted by a Hong Kong University, may charge Fees in Hong Kong dollars. The students are assigned the Fee Category HKU, which has a Currency Code of HKD (Hong Kong dollars). The Fee Assessment Routine will interpret the rate as being in Hong Kong dollars for Fees in Category HKU, and the assessment will be made in the same currency, but the Exchange Rate as shown in this form at the time of the assessment will be recorded.

The Currency block contains:

• Currency Code
• Description
• Exchange Rate
• Exchange Rate Effective Date
• Local Currency check box

Rule/Notes:

Use this form to:

• Enter Currency Codes as required. The Exchange Rate Effective Date defaults to today, but it can be changed.
• Select one currency as the Local Currency for the institution, with an Exchange Rate of 1.0. This is the default for Fee Assessment calculations unless another Currency has been specified in FINF2800.
• Record the appropriate Exchange Rates between the local currency and any currencies used in charging Fees.

Rules/Notes:

Only one currency can be set as the Local Currency.

No historical data on Exchange Rates can be kept using this form. The Exchange Rate current at the time of assessment or reassessment is recorded in the transaction record.

It is recommended that the Current Exchange Rates are recorded in this form before assessments for the relevant categories are made.

The local currency indicator can't be changed if a related fee category has fee category fee liabilities using cohort fee assessment rates inherited from the fee type calendar instance.