About the Intacct daily rate

Intacct gets the daily exchange rate once daily from exchange rate provider, Oanda.com. Oanda calculates the daily exchange rate for that day based on the average ask rate, and provides this rate to Intacct for transactions that use the Intacct daily rate. Oanda calculates the average ask rate using rates throughout the business day, such that the Intacct daily rate uses the Oanda rate from the previous business day. Intacct fetches the Intacct daily rates from Oanda at around 01:00-02:00 UTC.

The Intacct daily rate from 1 day prior uses the Oanda rate from 24 hours before the default Intacct daily rate (a total of 48 hours prior). The Intacct daily rate from 1 day prior is useful for recording transactions where the business hours of a given business day might stretch over two business days in the UTC time standard. In such cases, using the default Intacct daily rate would result in recording a portion of a work day's transactions using one exchange rate, and the remaining transactions in another. To ensure your daily transactions all use the same exchange rate, Sage Intacct recommends comparing the business hours in your region to UTC hours to determine the overlap of your business hours overlap with UTC. Depending on the outcome of the comparison, you would choose either the Intacct daily rate or the rate from 1 day prior. The 1 day prior rate might be more common for businesses operating in the UTC +6 through +14, or UTC -9 through -12 time standards, assuming typical business hours of 8:00 AM to 5:00 PM.

If you prefer, use a rate that you create yourself.

If you choose to create your own customized exchange rate type and exchange rate, you must then maintain the rate so that it is current and correct. Customized exchange rates only apply to transactions going forward, not to any transactions created before applying the customized exchange rate.

Exchange rate examples

Following are some examples that illustrate the conversion of business hours in local time standards to UTC to determine the best Intacct daily rate to use.

San Jose, USA

Wednesday's business hours in the Pacific US time standard occur on Wednesday in UTC. The most recent single complete day for consistent ending and average rates for business hours on Wednesday in San Jose is Tuesday. Therefore, the best Intacct daily rate to use is the default rate.

Local business hours UTC business hours Rate to use

San Jose, USA (UTC - 8)

Wednesday, 8:00 AM to 6:00 PM

 Wednesday, 4:00 PM to Thursday, 2:00 AM Tuesday's exchange rate from Oanda
Intacct daily rate

New York City, USA

Wednesday's business hours in the Eastern US time standard occur on Wednesday in UTC. The most recent single complete day for consistent ending and average rates for business hours on Wednesday in New York City is Tuesday. Therefore, the best Intacct daily rate to use is the default rate.

Local business hours UTC business hours Rate to use

New York City, USA (UTC - 5)

Wednesday, 8:00 AM to 6:00 PM

 Wednesday, 1:00 PM to Wednesday, 11:00 PM Tuesday's exchange rate from Oanda
Intacct daily rate

Sydney, Australia

Wednesday's business hours in the Sydney time standard straddle Tuesday and Wednesday business hours in UTC. The most recent single complete day for consistent ending and average rates for business hours on Wednesday in Sydney is Monday. Therefore, the best Intacct daily rate to use is 1 day prior.

Local business hours UTC business hours Rate to use

Sydney, Australia (UTC + 10)

Wednesday, 8:00 AM to 6:00 PM

 Tuesday, 10:00 PM to Wednesday, 8:00 AM Monday's exchange rate from Oanda
1 day prior rate

For information about finding the exchange rate that was used, refer to Find the daily rate used for a transaction item or Find the exchange rate used for a consolidation.