Steps
- Manage Exchange (Conversion) Rate type (Optional)
- Mange Exchange( daily) Rates
- Enter FX Journal and Post
Manage Exchange (Conversion) Rate type (Optional)
Oracle provided seeded rate types, if you want to define separately you can
We have 3 types of rates
- Corporate (Higher management people will provide)
- Spot/Market (Market rate)
- User (On the time of journal entry)
- Go to set up and maintenance
- Set up: Financials
- Task: %manage %conv%
- Select Manage Conversion rate types
- Click on + to create rates types
- Give the details
- Save and close
- Enforce Inverse Relationship – It converts USD to INR
- Enable Cross Rates means – It converts multiple rates USD to INR, INR to GBP, GBP to AUD
- Allow Cross Rates Override – If you enable it you can overwrite the rates
Manage Daily rates
- Go to set up and maintenance
- Set up: Financials
- Task: %manage %daily%
- Select Manage daily rates
- Click on Daily rates
- Click on Create spreadsheet
- Give your login details then sheet will open and give the rate details
- Click on Submit
- After check the results in the system weather this details uploaded or not
Enter journal and post
- Go to Navigator
- Go to General accounting
- Journals
- Go to Task icon
- Create Journal
- Enter the details
- Currency should be USD and Conversion rate our own defined rate
- In the lines Entered currency line will add because we are entering in USD currency
- Conversion rate also appear in the lines
- Save and complete and post
Recent Posts
