Set Up Conversion Rates and Rate Types to Create Invoices in Multiple Currencies

Set up currency conversion rates and rate types to use when creating receivables invoices in a currency that’s different than the primary ledger currency of the managing business unit.

The system also uses these in partner contributions to:

• Convert a foreign contribution amount in a preferred currency to a contribution amount in the primary ledger currency of the managing business unit.

• Calculate the refund amount when you close a partner contribution that has the gross contribution amount in a preferred currency.

Set Up Conversion Rates

See the instructions provided in Daily Rates to set up currency conversion rates in the Currency Rates Manager work area. To access this work area, navigate to Setup and Maintenance, select the Financial Reporting Structures functional area, and click the Manage Daily Rates task.

Set Up a Conversion Rate Type

To set up a conversion rate type:

1. Navigate to Setup and Maintenance.

2. On the Setup page, open the Tasks panel and search for Manage Receivables Profile Options.

3. On Manage Receivables Profile Options, enter AR_DEFAULT_EXCHANGE_RATE in the Profile Option Code field.

4. Scroll down to the AR_DEFAULT_EXCHANGE_RATE_TYPE: Profile Values section.

5. In the record that has the Profile Level "Site", select a value from the Profile Value drop-down list as needed.

   If your business requires, you can set up a conversion rate type for a joint venture user. To do so, add a new row and select Profile Level “User” and complete the User Name and Profile Value fields.