Multi Currency / Multi Currency Exchange Rate Table
Different Ways of entering Exchange Rates
Type
> Method 1
Action
> DATE FROM enter 1 Jan 12
> DATE TO enter 31 Jan 2012
Effective date range
> EXCHANGE RATE enter 0.015397
To enter an exchange rate of 1 JPY = 0.015397 SGD
> MULTIPLY select 1
> DIVISION click Un-Tick
By default enter 1
Type
> Method 2
Action
> DATE FROM enter 1 Jan 12
> DATE TO enter 29 Feb 2012
Effective date range
> EXCHANGE RATE enter 0.015397
To enter an exchange rate of 1,000 JPY = 15.397 SGD
> MULTIPLY select 1,000
> DIVISION click Un-Tick
15.397 divide by 1,000 = 0.015397
Maintaining Exchange Rate Consistency
To consistently use a periodical exchange rate for a specific currency, it is recommended that you update the rate table every 1st day of period – range, month or quarter.
Depending on your company management policy, here is an example of using single exchange rate for the entire quarter.
Location
> Setup > Currency
Action
> Click SETUP activity
> Click ACCOUNTS
> Click CURRENCY module
> Select USD
> Click EDIT
At Table:
DATE FROM select 1 Jan 12
DATE FROM select 31 Mar 12
EXCHANGE RATE enter 1.288
In this example, system exchange rate of 1.288 for the entire quarter.
> Click UPDATE
> Close module
Important Note:
Exchange Table Rates only for system reference, at the point of issuing the document. The Exchange Rate is locked-in at the point of transaction, say issuing a document (e.g. invoice). Changing the Exchange Table Rates will NOT affect past transactional Documents’ rates.
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