Base Currencies
Every account in PropReports is assigned a Base Currency upon creation, (the default base currency being USD). All balances seen throughout the site in reports or otherwise will always be in the accounts native assigned currency. If more than one account is assigned to a user that has different base currencies, that user will be able to choose which currency he or she would like balances to be displayed in when running multi-account reports.
To view an accounts PropReports tracks an account's balance in a single currency. This is referred to as a Base Currency which is set upon account creation and defaults to USD.
To view an account's base currency, navigate to the Accounts / Overview page.
Fees
Trade fee plans, recurring fee plans, payout plans and adjustments created in PropReports are assumed to have been created in the native currency desired, and therefor is not converted if assigned to an account with a different base currency than the plan or adjustment was originally created in. For example if a commission plan that was created using USD is assigned to an account with a base currency of GBP, the plan will not convert fees to GBP. Clients using multi currency accounts must create plans for each individual currency used. Furthermore, this means even after buying a different currency other than
Note: If an account has any adjustments with an offset account, the base currency can not be changed. This is because PropReports does not currently support adjustments between two accounts with different base currencies.
Fees
All adjustments and recurring fee plans are assumed to be in the base currency of the assigned account. For example, posting an adjustment of 100.00 will credit $100 to a USD account and ¥100 to a JPY account.
Trade fee plans and imported trade fees are also assumed to be in the base currency of the account. For example, a commission plan of 0.0001 / share will post $0.0001 / share to a USD account and ¥0.0001 / share to a JPY account. When trading an instrument whose currency differs from the base currency of the account, all fees and adjustments applicable to the trade are still applied in the accounts native account's base currency.
Closing a Position
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Trade Profit or Loss
If trading an instrument whose currency is different from the account's base currency, any realized profit or loss is converted to the base currency using the current spot rate. Open positions will remain in the currency of the traded instrument with the unrealized profit or loss converted to the base currency using the current spot rate.
Spot exchange rates can be adjusted just like closing prices for securities. Simply navigate Navigate to the Audit / Close Prices page and use the search tool to find the security f/x rate you are looking for:
Important: Updating a spot rate will recompute any accounts with that base currency or that have traded any instruments in this currency on that date.
For more information on how to adjust closing prices and spot rates, please click here.