Currency daily rates

Currency daily rates are the rates that are used to exchange transaction amounts to an accounting entity's functional currency, alternate currencies, and enterprise currencies.

Currency daily rates are defined for a currency rate table and for currency relationships. You can define a maximum of one daily rate per day for each currency relationship. You can also interface daily rates from a CSV file.

All daily rates assume a multiply operator between the From and To currencies. For currency relationships that are defined with the Auto Generate Reverse Relationship option, the reverse multiply rate for the reverse currency relationship is automatically computed. For example, a daily rate of 1.25 is created between currencies A and B. The currency relationship between currencies B and A was created as a result of auto-reversing. The daily rate between currency B and currency A is computed as 1/1.25 (or 0.8).

Currency daily rates establish the rate that is in effect at the time that the transaction is created. They are used immediately when a transaction is created in or interfaced to Global Ledger to exchange the transaction amount to the functional currency. If alternate currencies and enterprise currencies are defined, then the daily rates are used to convert transaction amounts. The amounts are converted to the alternate currency and enterprise currency amounts.

The currency daily rates can be used periodically to revalue the exchanged amounts. They should be used at least once per fiscal period. They can be used to assess any gain or loss that is incurred at the time of the revaluation. The gain or loss is a result of daily rate fluctuations. You must specify which accounts are subject to revaluation.

See the Infor Data Interface Guide for information about interfacing daily rates.