What are daily rates?

A daily currency conversion rate applies to a specific calendar date, or range of dates, called the effective date range. A daily rate is used to convert a currency value on transactions for this date, or dates.

Daily rates are only used, and can only be created, for a currency if the Use Daily Conversion Rates option is set to Yes for the currency in Currency Codes (CNC).

Daily rates are used in Ledger Entry (LEN) and Ledger Import (LIM), in preference to the rates defined in Currency Period Rates (CNP). Daily rates are also used to convert any discount values calculated by Transaction Matching (TRM), Payment Run (PYR), Payment Collection Run and Reconciliation Manager (RCM). If you choose to use daily rates for a currency, you are not able to use any period rates for the currency in any of these functions.

A daily rate can be valid for one effective date, or a range of effective dates. This is defined in the Effective Date From and Effective Date To fields in Currency Daily Rates (CND).

For example, if you create a Currency Daily Rates record with an Effective Date From 06/06/2011, and Effective Date To 12/06/2011, the rate is used from 6 to 12 June 2011 inclusive. By entering 06/06/2011 for the Effective Date To, the rate is valid for 6 June 2011 only.

Currency Daily Rates can also be used for time recording. For example, accounting for special holiday rates.