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How do I set up currencies and exchange rates?

Add the currency on Currency, extend it to the company on Currency Legal Entity, and key its rate to the local currency on Currency Conversion under the company's Local Exchange Category, one rate row per date range.

Screen
General Ledger › Currency › Currency, Currency Legal Entity, Currency Conversion
Who
The implementation consultant; accountants for the rates
Takes effect
On save, for documents dated in the rate's range
Needs first
Ledger Setup with a Local Exchange Category

Steps​

  1. Currency - add it if it is not there: code USD, ISO code, name.
  2. Currency Legal Entity - extend it to the company and choose its rounding.
  3. Currency Conversion - open the record of the Local Exchange Category. Add a line From Currency USD, To Currency the local currency. In Rate add a row: From Date, To Date, Rate (local units for one dollar).
  4. If the company reports in a third currency, add a line from local to reporting currency as well.

Check it worked​

  • On General Entry, a line in USD dated in the range fills Exchange Rate by itself.

If something looks wrong​

  • The currency is not offered on a document. It is not extended to the company, or it is blocked there.
  • "Exchange Rate cannot be zero" No rate row covers the date, or the rate is under another exchange category.