Working with National FX Rates

Foreign Exchange Rates (FX Rates) define the values at which two currencies may be exchanged for one another. You enter the rate value in a decimal format.

You can apply an FX rate for all base and parent entities with the same currency, or you can apply a different rate for each base or parent entity. Even within one currency, you may have multiple entities. For example, for USD, you might have entities set up for New York, Los Angeles, and Chicago.

• For information on working with Regional FX rates, see Working with Regional FX Rates.
• For information on working with CbCR FX rates, see Entering CbCR FX Override Rates.

  Note:

  There is no separate rate entry form for CbCR FX Rates. Rates entered in FX Rates Single Period and FX Rates Full Year is also used for CbCR.
• For more information, watch this video: Configuring Foreign Currency Translation Rates in Tax Reporting Cloud.

Note:

Ask your administrator to confirm that the Optimized Rates Model is enabled for this multi-currency application in the Enable Features screen (by selecting Application -> Configuration -> Enable Features). The Optimized Rates Model enhances the performance of FX rate triangulation and caching, thereby reducing total Refresh DB time. It is enabled by default for new multi-currency applications. See also: Enabling Application Features in Administering Tax Reporting