Base Currencies

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 a user has more than one account that does not share the same base currency, 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 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. Note that this means when buying a different currency other than the base currency of the account, all fees and adjustments applicable to the trade are still in the accounts native currency.  

Closing a Position

When a position in a currency other than the accounts base currency is closed, the P&L is converted to the accounts base currency using the current spot rate. Spot exchange rates can be adjusted just like closing prices for securities. Simply navigate to the Audit / Close Prices page and use the search tool to find the security you are looking for:

 Important: Updating a spot rate will recompute any accounts that have traded in this currency.

For more information on how to adjust spot rates, please click here.