To set up a new foreign exchange rate:When your company does business in more than one currency, you must define the exchange rate for each foreign currency.
Use the Exchange Rate Maintenance screen to set up an exchange rate table for each foreign currency or to view an existing exchange rate. Each time there is a change in the exchange rate for a designated currency, you need to add a new as-of-date and the corresponding exchange rate to the exchange rate table for that currency.
To set up a new foreign exchange rate:
From the Files > Tax, Duty & Exchange Rates menu, select Foreign Exchange Rate Maintenance to display the Exchange Rate Maintenance screen.
The system populates the Base Currency field with your company's base currency.
In the Foreign Currency field, press F10 and select from a list of currencies.
Note: The currencies listed in the Foreign Currency field are defined in the Valid Foreign Currencies control maintenance record.
Skip the Currency Symbol field, as this field is not currently used. The future purpose will be to assign the proper monetary symbol to the specified foreign currency.
In the Date field, enter the date on which the corresponding exchange rate takes effect.
In the Exchange Rate field, enter the exchange rate. This rate is expressed as the number of units of the base currency that equal one unit of the foreign currency.
For example:
If your base currency is in U.S. dollars, then the exchange rate you would use is the one based on the U.S. dollar. For example, if you are converting from U.S. dollars to U.K. pounds, you would divide the number of U.S. dollars by the U.S. exchange rate, as in the following:
$25.00 U.S. divided by 1.39608 = 17.90 U.K. pounds
If your base currency is in another currency, then the exchange rate you would use is the one based on that currency. For example, if you are converting from Canadian dollars to U.S. dollars, you would divide the number of Canadian dollars by the Canadian exchange rate, as in the following:
$50.00 Canadian divided by 1.53301 = $32.61 U.S. dollars
To view an existing foreign exchange rate:
From the Files > Tax, Duty & Exchange Rates menu, select Foreign Exchange Rate Maintenance to display the Exchange Rate Maintenance screen.
Use the As of Date hot key to display the As of Date screen.
Enter the date for which you would like to view the exchange rate and press Enter.
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