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 exchange rate) in the months for which there are no actual rates yet.
Every month, around D1/D2, after actual rates have been published, the Corporate Controlling team reviews the 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 and updates the tables every month, both (creation and update), upon requests from Corporate Controlling.
Below are the 2 types of conversion rates updated in this monthly process:
- TC - Closing rate
- TMN - Average cumulative rate
2. Upload files preparation
The 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.xlsm - that should be used in order to generate the BFC upload files.
Access the Simul ER update.xlsm trough the link below and download it to your PC
The Simul ER update.xlsm file has 4 tabs:
data input - to which we will copy the data from the file we receive.
03.2022 / 06.2022 / 09.2022 / 12.2022 - these tabs will be automatically updated from data input tab (VLOOKUP formulas).
Every year we need to rename these tabs: 03.YYYY / 06.YYYY / 09.YYYY / 12.YYYY
Important note: If there's any change in data input tab (e.g. new currency added), the other tabs must be adjusted manually.
In the file received from Corporate Controlling select the entire worksheet BFC format and Copy
In Simul ER update.xlsm file , data input tab , select Paste → Values and
Click on 
to generate the import files.
BFC import files (one for each quarter) will be saved in the same directory where the Simul ER update.xlsm is saved.
Notes:
As of April we don't update Q1 anymore
As of July we don't update Q1&Q2 anymore
As of October we don't update Q1&Q2&Q3 anymore
3. BFC upload
The files MM.YYY.txt have the correct format ready to be uploaded in BFC.
3.1 Creation/Update SIMULATION YYYY.MM table in BFCTop
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.
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 BFCTop.
Connect to BFCTop 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.
- 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 Exchange Rates table inserting the REEL table of the month.
4. Exchange Rates publication in Aodocs (GAR team site)
Besides BFC update, BFC Admin is also in charge of updating every month the actual (REEL) exchange rates file published in Aodocs.
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.
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