Exchange rate types

An exchange rate type is a category of exchange rates that you define in Intacct. The default exchange rate type is the Intacct daily rate exchange rate type.

By default, Intacct selects the Intacct daily rate exchange rate type for every transaction you enter. When entering a transaction, you can select a different exchange rate type from the list.

Administrators can change the default exchange rate type by creating a custom exchange rate type and selecting Use as default exchange rate type.

Consider using a custom exchange rate type in the following circumstances:

• Consolidating accounts that use historical rates.
• Entering transactions with historical rates, such as opening balances.

Use the Exchange rate type page to do the following:

• Specify an alternative default exchange rate type for all transaction pages.
• Create customized exchange rate types to use as the basis for your own customized exchange rates.
• Enter a custom exchange rate type you can use to override the standard Intacct daily rate type.

Add an exchange rate type

Consider using a custom exchange rate type in the following circumstances:

• Consolidating accounts that use historical rates.
• Entering transactions with historical rates, such as opening balances.

Before you begin: 

• Use a descriptive name for the exchange rate types you create, such as Monthly or Average.
• You can enter up to 40 characters for the name of an exchange rate type.
• Avoid the terms custom and Intacct when naming the exchange rate type, as these are reserved terms.

1. On the Exchange rate types page, choose Add.
2. In the Name field, enter a descriptive name for this exchange rate type.
3. Save your changes.

Set the default exchange rate type

You can set a given exchange rate as the default for Accounts Payable and Accounts Receivable.

To set the default exchange rate type in Order Entry, go to the Order Entry transaction definition page.

1. Go to Company > Setup > Multi-currency > Exchange rate types.
2. On the list of exchange rate types, select Edit next to the exchange rate you want to set as the default for AP and AR.
3. Select Use as default exchange rate type.
4. Save your changes to the exchange rate type.

Edit exchange rate type information

1. Go to Company > Setup > Multi-currency > Exchange rate types.
2. Select Edit next to the exchange rate type you want to edit.
3. Enter the changes you want to make.
4. Select Save.

View the details of an exchange rate type

1. Go to Company > Setup > Multi-currency > Exchange rate types.
2. Select View beside the exchange rate type you want to view.