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The Exchange Rates form lists the currency conversion, or exchange, rates used in financial transactions. Exchange rates have an Effective Date; they should be updated either manually or automatically (via an external exchange rate feed) to avoid applying outdated rates to newer invoice transactions. The default base currency used is the US dollar (USD).
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Note: The Base Currency must already be defined on the Currency Types form.
Adding an Exchange Rate
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- Add or insert a row.
- In the Cur field, press Enter to open the Currency Types form and then select a currency.
- Enter the Current Rate of Exchange. When you save the form, Effective Date populates with today's date. Any transactions that take place on or after this date use this rate.
Effective Exchange Rate
Activated by flag CFGUseEffExchRate. It is a weighted average based on the amount paid for the advance vs. the FDA amount, calculated as:
EffectiveRate = FDACurrAmt / ((FDACurrAmt - PDACurrAmt) / FDAExchRate + (PDACurrAmt / PDAExchRate)
"PDACurrAmt" is the total advance amount.
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