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1. Objective and Scope
The purpose of this document is to describe the monthly process to update SIMULATION exchange rates in BFC.
SIMULATION exchange rates are used in RSB reporting category (restatement of Y-1 with Y scope and Y exchange raterates) in the months for which there are no actual ACTUAL rates yet.
Every month, around D1/D2WD1/WD2 (WD = working day), after actual ACTUAL rates have been published, the Syensqo Corporate Controlling team reviews the simulation projection of exchange rates for the next quarter months until the end of the year.
BFC Admin team creates the 4 tables 03.YYYY, 06.YYYY, 09.YYYY, 12.YYYY at the beginning of each year (save as from PREV rates) and updates the tables every month (TC and TMN only).
Both, creation and update, ONLY upon requests from Syensqo Corporate Controlling team.
Below are the 2 types of conversion rates updated in this monthly process:
- TC - Closing rate
- TMN - Average cumulative rate
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2. Quantum files
Quantum is the Treasury system managing centrally Solvay official exchange rates and distributing them across the SAP applications.
On the last working day of the month, Quantum (through e-mail address QUANTUM-Solvay@avantgardportal.com) automatically sends 4 emails (one per each file) to BFCAdmin-ext@solvay.com with the following contents:
- QUANTUM : YYYY.MM Rates Interface for BFC contains YYYY.MM_BFC_Rates_Interface_FromQT.txt file
- QUANTUM : YYYY.MM Monthly Rates for BFC contains YYYY.MM-BFC_MonthlyRates_FromQT.xls file
- QUANTUM : YYYY.MM Quarterly Rates for BFC contains YYYY.MM-BFC_QuarterlyRates_FromQT.xls file
- QUANTUM : YYYY.MM Year's Rates for BFCcontains YYYY.MM-BFC_YearRates_FromQT.xls file
- rate
- the other Exc. rates types (TO, TMNY-1...) updated in ACTUAL (REEL) Exc. Rates tables are excluded there
2. Upload files preparation
The Syensqo Corporate Controlling team sends an email to the BFC Admin with an Excel file attached with the quarter rates to be updated.
The information BFC Admin needs is in BFC format tab.
There's an Excel macro workbook - BFC Simul ER update Syensqo.xlsm - that should be used in order to generate the BFC import files.
The file - Simul ER update.xlsm - is saved in this folder in the remote desktop \\Acew1ptsescp3\BFC-SHARE\ER\SIMULATION
The Simul ER update.xlsm file has 6 tabs:
- data input - to which we will copy the data from BFC format tab of Syensqo Corp Controlling's file.
- 03.yyyy / 06.yyyy / 09.yyyy / 12.yyyy - these tabs will be automatically updated from data input tab (VLOOKUP formulas).
Important note: If there's any change in data input tab (e.g. new currency added), the other tabs must be adjusted manually (new currency lines must be inserted and formulas copied).
Every year we need to rename these tabs: 03.YYYY / 06.YYYY / 09.YYYY / 12.YYYY
- consistency check - BFC retrieval to check no major variances in tax rates compared to last quarter
In the file received from Corporate Controllingselect the entire "BFC format" tab and press Copy (CTRL+A).
In Simul ER update.xlsm file , in data input tab , select Paste → Values
The other tabs will be automatically updated.
Click on 
to generate the import files.
BFC import files (one for each quarter) will be saved in the same directory where the Syensqo Simul ER update.xlsm is saved.
3. BFC upload
The file YYYY.MM_BFC_Rates_Interface_FromQT.txt received from Quantum has files MM.YYYY.txt have the correct format ready to be uploaded in BFC.
3.
Before being able to upload YYYY.MM reel exchange rates from the txt file, creation of the table in BFC is first required.
From the previous period, do a Save as.
Save the new table 
and close.
Open the new table
Select all lines, except the frozen rates, and press DELETE to erase previous month rates.
3.2 Import Quantum file
Import YYYY.MM_BFC_Rates_Interface_FromQT.txt file into BFC.
6 lines expected to be rejected: Currency CNH not created in BFC table as not required in the IFRS Consolidation.
1 Creation of SIMULATION tables and control on Y-1 Rates at the beginning of the Year (January)
BFC Admin team creates the 4 tables 03.YYYY, 06.YYYY, 09.YYYY, 12.YYYY at the beginning of each year from save as of corresponding PREV rates.
Example : in January 2024,
- SIMULATION 2024.03 created from save as of PREV 2024.03
- SIMULATION 2024.06 created from save as of PREV 2024.06
- SIMULATION 2024.09 created from save as of PREV 2024.09
- SIMULATION 2024.12 created from save as of PREV 2024.12
As Y-1 (previous year) rates are used by Syensqo Corporate Controlling, they must be carefully checked to ensure their consistency with Y-1 Actual rates (REEL tables)
Control can be done through Excel retrieves located in the folder Exchange Rates :
- Each year Excel retrieve file has to be created adjusting in each tab (1 tab per table) the Actual (REEL) and the SIMULATION periods to be compared
- Each of the 4 SIMULATION table has to be checked
- Refresh of the file must be done from BFC_Top_SCO database (to allow corrections if any before piloting to BFC_Prod_SCO)
- In the example below for "SIMUL 2024.03" tab:
- SIMUL TO (opening rate) 2024.03 will be equal to REEL TC (closing rate) 2023.12
- SIMUL TCN-1 (closing rate same period Y-1) 2024.03 must be equal to REEL TC (closing rate) 2023.03
- Once done in January, this control on Y-1 rates has not to be performed anymore during the year
3.2 Update SIMULATION tables in BFC_Top_SCO
In this example, we'll update 06.2022.
In the Exchange rates module,
- Open the corresponding SIMULATION 2022.06 table
- Select File → Import
- Processing existing data → Replace
Click on Import
Confirm there are no errors.
Click on Finish and Save before exiting the table.
3.3 Run consistency check
Before piloting the exchange rates table to BFC_Prod_SCO
Save the table
3.3 Run Excel retrieval file to check consistency
Before piloting the exchange rates table to BFCProd it is recommended to run a consistency check on the rates just uploaded into BFCTopBFC_Top_SCO.
Connect to BFCTop BFC_Top_SCO through BFC Excel Link WEB
Excel retrieval file - Exchange Rates checks.xls - is saved in this folder in the remote desktop \\Acew1ptsefcp1\BFC-SHARE\ER
The file can also be found in the Gdrive https://docs.google.com/spreadsheets/d/1uvIbkcr1y7OCtAdjnsZB0qtirU6D_4-2/edit?usp=sharing&ouid=101127428078004514097&rtpof=true&sd=true
How to proceed with these checks:
- Update period in cell C1
- Connect to BFCTop and refresh the file
- From column E to J there's a retrieve of what we've just uploaded into BFC with the interface file.
- In columns M and N there's a comparison of TO (Opening Rate) and TMN-1 (Closing rate) with TC and TMN rates from Dec Y-1 table. No differences are expected.
- In columns P and Q there's a comparison of TCN-1 (Closing Rate Y-1) and TMN-1 (Aver. Rate Y-1) with TC and TMN extracted from the Y-1 table. No differences are expected.
WIN Link Prod and open the file received from Syensqo Corporate Controlling - tab Check.
The objective is to compare the rates just updated in FBC (columns E, F, G, H) with the ones in tab BFC format.
Check's result should be 0 (columns M, N, O, P).
3.3 Piloting to BFC_Prod_SCO database
Task SCO
- In Columns V and W there's a calculation of the TC and TMN variations (%) compared to previous month.
- There's a conditional formatting in these cells: variations >= or <= 50% are highlighted in red and those cases should be communicated to GAR Conso team by email as a warning message of high currency variation.
3.4 Piloting to BFC_Production database
Task EXPL-ADMIN has to be used to pilot REEL SIMULATION Exchange Rates table inserting the REEL table of the monthtables.
4.
Run Consolidation RSB version V4
In case it has been requested, BFC Admin
The information received in the 3 files from Quantum (Monthly, Quarterly and Yearly rates) are in the exact same format as the 3 tabs in Aodocs file and therefore only a copy/paste is necessary.
should also run RSB Variant 4 consolidation after rates have been piloted.
5. Confirmation to Corp. Controlling
Once exchange rates have been updated and RSB V4 conso run, BFC admin should inform the requestor.
END OF THE
Open the Exchange Rates YYYY file in Aodocs
From Quantum file YYYY.MM-BFC_MonthlyRates_FromQT.xls copy the last column to Aodocs file tab Monthly calculation
From Quantum file YYYY.MM-BFC_QuarterlyRates_FromQT.xls copy the last column to Aodocs file tab Quarterly calculation
From YYYY.MM-BFC_YearRates_FromQT.xls copy the last 2 columns to Aodocs file tab Year rates
Once the 3 tabs of Aodocs file have been updated close the file (changes are automatically saved).
5. Communication
Once exchange rates have been piloted to BFC_Production and Aodocs file has been updated, BFC Admin should communicate to Solvay's Finance community and external partners (outsourcing companies, Solvay Actuaries, Businesses sold under TSA ...) that exchange rates are available in BFC and can be accessed through Aodocs file.
The distribution lists are updated in this file BFC exc.rates file contacts and 2 separate emails should be sent:
- one mail to Solvay contacts & BFC Admin in cc (listed in 1st tab)
- one mail to external partners & BFC Admin in cc (listed in 2nd tab)
Note: When someone (external partner) asks to be added to the distribution list, BFC Admin should check with Sonia Gonçalves or Caroline MATHIEU-STOÏSSICH as MAGD referents if the contact can be added and which is the validity period.
Mail to Solvay contacts (including the link to Aodocs file):
Mail to external partners (Aodocs file sent in attachment as they have no access to Solvay AODOC library):
END OF THIS PROCEDURE