Conversion Rates |
The Conversion Rates tab enables you to display and define the rates that the system uses to convert currencies.
Note: All currencies must have the same number of conversion rate records. To facilitate this, you must update all currencies with new exchange rates at the same time. To reduce the work required to do this, consider creating a batch file which you can edit and run as necessary to modify the data. See batch processing.
When you order or receive items from foreign countries, the system converts foreign prices to the system's base (usually local) currency and rounds the amount to the nearest lowest monetary unit (U.S. = cent). If you assign a different currency to users, when those users log on, the system converts the base currency to the logged-on currency specified for the logged-on user.
Detail View Header
The field in the top section of this tab defines the data that displays.
Currency ID
Identifier of the local currency currently selected in the grid or that you are defining. This field has a list box. If the ID is already defined, the local currency description displays to the right of the ID.
Detail View
Data in the fields in the bottom section of this tab define the currency rates. Unless otherwise indicated, these fields are required.
Effective date of conversion rate
Beginning date of the rate of conversion in the Conversion rate field.
Note: If you set the effective date to a value other than the current system date, the contents of the database will be incorrect for any orders or receipts posted with the previous conversion rate that would have been posted with the new rate, had it been entered on a timely basis. No adjustments are made for such cases.
Conversion rate
Current rate of the conversion of this currency to the base currency specified on the Currency/Sales Tax Setup tab of the Data -> Setup -> Options screen. Foreign prices are converted when you order or receive delivery. The amount is rounded to the nearest penny.
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See Also
To display and define the system's base currency, use the Currency/Sales Tax Setup tab on the Data -> Setup -> Options screen.
To display and define user currency that differs from the system's base currency, use the Basic Info tab on the System Mgmt -> Setup -> Access Rights -> Users screen.