When translating foreign currency balances, the appropriate exchange rate will be used to translate from Ledger currency to parent currency. The Exchange Rates tab in Accounting Seed can be used to add and update exchange rates that will be used when translating balances.
At Accounting Seed, running Foreign Currency Translation is an automatic background process that is completed as part of Run Consolidations using exchange rates created in the Exchange Rates tab. After running Consolidations, you will be able to generate Standard Financial Reports and/or Custom Financial Reports in the base currency of the Ledger, as well as in the Reporting currency (parent currency).
When the translation process runs, it requires that the rate that is applicable to the last date of the month be available in the Exchange Rates tab. The Effective From date entered on the Exchange Rates tab will be used to determine the rate that is used in the translation process.
Important: Rates included in the Exchange Rates tab will only be used for Foreign Currency Translation. The Exchange Rates tab will NOT be used when a rate is pulled in to convert from a foreign currency into a Ledger currency. The Salesforce Dated Exchange Rates will continue to be used for this purpose. For example, when you want to create a foreign Billing by selecting a currency that is different from the Ledger currency, when the Billing is saved, the Currency Conversion Rate will be automatically pulled in from the Salesforce Dated Exchange Rates.
Important: Prior to using the Exchange Rates tab to create new rates, complete the Foreign Currency Translation Configuration Setup information to ensure that all of your currencies and rate types have been added.
Create a new Exchange Rate
Note: Once an Exchange Rate has been created, certain fields such as the Effective From date cannot be modified. If you need to make a change, delete the Exchange Rate. Then, create a new one.
- From your navigation bar, select the Exchange Rates tab.
Note: Depending upon your arrangement, in order to display this tab you might need to click the More drop-down list on the navigation bar.
Note: If the Exchange Rates tab is not available on your navigation bar, and you want to add it, refer to the Foreign Currency Translation Configuration Setup article. Otherwise, search for and select this tab from the App Launcher.
- Click New to add a new Exchange Rate. The New Exchange Rate dialog box displays.
- Complete the following (all fields on this dialog box are required fields, which display with a red asterisk (*).
- From Currency Code (ISO) - select the Ledger (child) currency code from this drop-down list. Codes display in the drop-down list based upon the ones that you added in the Global Picklist Value Sets. For more information, refer to the Foreign Currency Translation Configuration Setup article.
- To Currency Code (ISO) - select the parent currency code from this drop-down list. Codes display in the drop-down list based upon the ones that you added in the Global Picklist Value Sets. For more information, refer to the Foreign Currency Translation Configuration Setup article.
- Rate Type - select the type for this Exchange Rate. Rate Types display based upon the ones that have been added in the Global Picklist Value Set. For more information, refer to the Foreign Currency Translation Configuration Setup article.
- Effective From - this identifies the date that the rate is effective from.
Important: Rates that are effective as of the last date of the month will need to be included in order to run Foreign Currency Translation.
- Exchange Rate - enter the rate for the selected Rate Type that will be used during Foreign Currency Translation.
- Click Save. The newly added Exchange Rate is available from the list view.
Note: Click here to view the above image in full screen.
Note: If you want to modify the fields on a list view to add column headings such as Rate Type and Effective From, refer to the Modify Display Fields on a List View article.
Summer ’22 Release
- This article was new with the Summer '22 release.