Set Up Currency Conversion

If your organization transacts in multiple currencies, your transaction models, controls, and results can use amounts converted into a single currency. You select the currency into which other currencies are to be converted, as well as a conversion rate.

This currency-conversion feature is disabled by default. Enable it only if at least one transaction model or control uses a business object that has currency-conversion attributes. These objects include Payables Invoice, Purchase Order, and Journal Entry.

Among its attributes, each object includes pairs that report monetary values. In each pair, the first attribute reports an original value, and the second reports the value into which the first is converted. The attributes in a pair have identical names, except that the second one contains the word "Converted." For example, Amount and Amount Converted constitute one of the pairs in the Payables Invoice business object. Each business object also includes a Conversion Currency attribute, which identifies the currency into which amounts or prices are converted.

To set up the currency-conversion feature:

1. Select the Advanced Controls Configuration tab in the Setup and Administration work area.
2. In the Currency Configuration panel, select Edit.
3. Select the Enable check box.
4. In a To Currency field, select the currency into which you want other currencies to be converted. US Dollar is the default.
5. In a Rate Type field, select the exchange rate you want to use. You can select among values that are enabled in the Rate Types page of the Currency Rates Manager task in Setup and Maintenance. The default is the value selected as default in the Rate Types page.
6. Select Save.

If you want to disable currency conversion, clear the Enable check box. However, you must first delete models and controls that use the currency-conversion attributes.