What's the difference between spot, corporate, user, and fixed rate types?

Spot, corporate, user, and fixed conversion rate types differ based on fluctuations of the entered foreign currency and your company procedures for maintaining daily rates.

• Spot: For currencies with fluctuating conversion rates, or when exact currency conversion is needed.

• Corporate: For setting a standard rate across your organization for a stable currency.

• User: For infrequent entries where daily rates for the entered foreign currency aren't set up.

• Fixed: For rates where the conversion is constant between two currencies.

If you have infrequent foreign currency transactions, the User rate type can simplify currency maintenance. The User rate type can also provide an accurate conversion rate on the date of the transaction.