Overriding the Currency Rates for Payments and Collections

Note: To override the currency rates during payments and collections, the Rates Override option must be set to Yes both in Ledger Setup (LES) and in the Payment Profile (PYP) being used.

The Override Currency Rates form may be displayed during Payment Run (PYR) and Payment Collection Run (PYC), allowing you to amend the currency exchange rates used in the payment or collection. If you amend any exchange rates, they must still be within the Rate Tolerance Levels defined on the Ledger Setup (LES), Currency Period Rates (CNP), or Currency Daily Rates (CND).

Conversion Rate (display-only column)

For each listed currency conversion (from/to combination), this column displays the current conversion rate as defined in Currency Period Rates (CNP), or Currency Daily Rates (CND).

Conversion Rate (activated column)

Use this field to amend a currency rate if necessary for this payment.

If the current or overridden exchange rates differ from those used on the originating transactions (for example on the invoices being paid or collected), exchange difference lines are automatically generated in the payment or collection journal. Each currency exchange difference line created on the supplier or customer side must be offset by a balancing realized gain or loss on the account(s) nominated for exchange differences. Use the Realized Gains/Losses Account field(s) to amend the account(s) to which the balancing lines are posted. To identify the exchange difference generated for each supplier, the same description from the bank account posting is used as the description for the exchange difference on the supplier account; supplier code and name.

You must enter the Realized Gains/Losses Account(s) here, and these accounts are used if the corresponding accounts are not set up on each relevant Currency Code (CNC) record.

Note: This field may be displayed as Realized Gains Account, or Realized Net/Losses Account, or both, depending on the Exchange Gain/Loss Post Rule setting on the Options tab of Ledger Setup (LES).