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On this screen you enter each currency in which you maintain a set of accounting books or in which you plan to invoice. In addition to specifying the currencies you use, you specify the exchange rate to your installation's base currency. Your base currency is denoted in bold and is established at installation creation time. It cannot be changed. If your business operates in more than one currency, you can simply add additional currencies. The base currency is used for all FX conversions. It is also the default currency used in all reports.


Most organizations choose to update their exchange rates periodically. FX rates are locked in at the time an expense is approved, so we typically see organizations update their FX rates twice for each time period that they track. For example, if you track your FX rates monthly you would set a spot rate on the first day of the month. Then on the last day you would look at what actually happened and enter a new, averaged rate for the month. Talk to your controller if you need help determining the process for FX updates. In addition, you might consider automating this process by leveraging our OpsImportFxRates web service.

This form is reached by choosing View | Administration | Setup heading | Currencies and FX Rates

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