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Before entering foreign currency transactions, you must define currencies and rates of exchange in General Ledger.
The exchange rate defined in General Ledger is the rate you multiply the functional currency by to obtain the equivalent foreign currency amount. For example, if the functional currency is USD (U.S. Dollar) and the chosen foreign currency is FFR (French Franc), enter 5 if the exchange rate is 5 francs per dollar.
Note: The exchange rate in Purchasing and Payables is the reciprocal of the rate defined in General Ledger.
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