Where do you specify which set of exchange rates are used?
When exchange rates are looked up, they can come from either the System Exchange Rate Tables or the Company Specific Exchange Rate Tables.
Exchange rate logic can be specified by the company through the Exchange Rate Settings screen using the Rate Source field. Note: If the Rate Source value is blank or left to **Please Select**, then the company will use System exchange rates.
What are the benefits of using Company Exchange Rates vs System Exchange Rates?
Company level rates have additional flexibility with date lookups whereas, system level rates have to have an exact date match. The recommended approach is to use Company rates and look back over 365 days to capture any annual FX rate updates that might be made.
What is the exchange rate logic when using system level exchange rates?
If System is specified as the rate source, then the Exchange Rate Lookup Logic section beneath it will not apply.
The exchange rate lookup logic defaults to Exact Date Match, meaning that there must be an exchange rate for the exact effective date. It will not look forward or backwards any date for an exchange rate.
What is the exchange rate logic when using company level exchange rates?
If Company is specified as the Rate Source, the Exchange Rate Lookup Logic section is used.
With company level rates you are able to specify date lookups.
Exact Date Match - There must be an exchange rate for the exact effective date. It will not look forward or backwards any dates for an exchange rate.
Monthly Rate (Exact Month Match) - The rate lookup will look for the most recent / latest exchange rate within the same month as the effective date.
Date Match Within Range (#Days Match) - The rate lookup will also look a specified number of days before and after the Effective Date. The lookup will use the most recent / latest exchange rate within the range. Please note that it is recommended that 'Days After' be set to 0 else future dated FX rates might be used.