The default currency rate type

The default currency rate type is created when a new business unit is generated.

The conversion rates belonging to the default currency rate type are used when no proper rate is available on the selected currency rate type. The default currency rate is applied when no currency rate type is specified on the:

  • Journal Type for Ledger Entry or Ledger Import transactions.
  • Payment Profile for Payment Run or Payment Collection Run transactions.
  • Ledger Revaluation Profile for revaluation transactions.

If you are using reporting rates, only conversion rates 2-6 defined on the currency period rates belonging to the default currency rate type are used.

The default currency rate type is used for:

  • Account Allocation
  • Transaction Matching
  • Ledger Conversion
  • Upgrade 4th Currency
  • Order Fulfilment