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AutoRate Program

AutoRate uses exchange rate information in the GL Daily Rates table to enter exchange rates for any foreign currency invoices or payments that have no exchange rates. AutoRate cannot update exchange rates unless you have first defined exchange rates in the GL Daily Rates table that match the invoice or payment currency, rate date, and rate type. See: Entering Daily Rates.

If a foreign currency invoice has no exchange rate, Approval applies a No Rate hold to the invoice, which prevents payment and posting of the invoice. After AutoRate enters an exchange rate for the invoice, the next time you run Approval, the system will remove the No Rate hold. Payables will not post foreign currency payments that have no exchange rates. After AutoRate enters an exchange rate for a payment, AutoRate creates payment distributions. The payment distributions include credits to the Asset Accounts as well as any discount distributions.

The AutoRate program does not produce any output; however, if the AutoRate program creates invalid payment distributions for a foreign currency payment, Payables automatically prints the Undistributed Payments Report.

Program Submission

You submit the AutoRate Program in the Submit Request window. See: Submitting Standard Reports, Programs, and Listings. This program has no parameters.

See Also

Foreign Currency Transactions

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