Foreign Currency Settings (Fixed Exchange Rates)

With fixed exchange rates and the applied-to exchange rate, 365 business Banking posts foreign currency payments without needless exchange rate differences.

Business Value

Agreed fixed rates also apply in accounting. When a foreign currency invoice is paid through an account in the same currency and no amount remains open in the foreign currency, no exchange rate difference is posted.

Feature Description

• With the Fixed Exchange Rates action, you maintain dated rates per bank account and per customer or vendor.
• If Use Applied-to Exchange Rate on the bank account is set to Applied-to Entry, a payment adopts the rate of the entry it is applied to.
• Order of precedence: applied-to entry, fixed customer/vendor rate, fixed bank account rate, standard exchange rate.
• Both apply in the Payment Reconciliation Journal and the General Journal.

Details: Foreign currency settings