Exchange rates

Use the Exchange Rate Information page to do the following:

• Specify a default exchange rate for all transaction pages.
• Create optional custom-defined exchange rates.
• Select a custom exchange rate you can use to override the standard Intacct Daily rate type, or for global consolidation.

You might want to create a customized exchange rate if you:

• Are working with historical data in the context of global consolidations.
• Need to create your own exchange rate average or blended rate when running global consolidations.
• Don't mind maintaining your custom exchange rate manually.

To open the Exchange rate list, go to Company > Setup > Multi-currency, and select Exchange rates.

Add an exchange rate

1. Assign an exchange rate type to this exchange rate.
2. Specify the currency you're converting from and the currency you're converting to.
3. Specify an exchange rate and a date on which this conversion rate should begin.

Import exchange rates

If you have large numbers of exchange rates to add, using Import could be more efficient than manually entering them one at a time. Import lets you add all the exchange rates at once from a template.

Before you begin:

• A best practice is to ensure the exchange rate type already exists in your company. If it doesn't, create the exchange rate type first. If the exchange rate is left blank in the template, the exchange rate type is set to Custom.

• Each line in the template requires a line number. Even if you have exchange rates already, ensure you sequentially number the line numbers in the template, beginning with 1 for the first line item, 2 for the second, and so on.

1. To get the exchange rates template, go to Company > Setup > Import data, then select Template next to Exchange rates.
2. Enter all of the exchange rate information, one exchange rate per line, and save your file.
   
3. Select Import exchange rates, then select your completed template.
4. Choose the date format and file encoding, or accept the default.
5. To process the import offline, enable the feature. This is useful if there will be a large number of exchange rates to import.
6. Optionally enter an email address to send a success or failure message to after the import is compete.
7. Select OK.

Edit an exchange rate

To access the exchange rates list, go to Company > Setup > Multi-currency > Exchange rates. Locate the exchange rate you want to edit, then select Edit.

1. In the From date and To date boxes, type in the start and end dates of the conversion period you want.
   • If you prefer, to instead select a date select the date icon to open the Calendar window and then using your mouse to enter the date you want.
2. Enter the changes you want to make. You can do either of the following:
   • Change the information in the From currency, Exchange rate, and Reciprocal rate boxes.
   • Create a new rate with new information in the Effective start date and Exchange rate boxes.

View details of an exchange rate

In view mode, you can view all of the information about this exchange rate, but you cannot add to it or change it.

To access the Exchange rates list, go to CompanySetup > Multi-currency > Exchange rates. Select View for the exchange rate you want to view.

Intacct Daily rate and 1 day prior 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.

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

Find the daily rate used for a transaction item

To learn the Daily Rate that was used for a specific transaction item:

1. Go to the transaction item, for example, a journal entry (General Ledger > All > Journal entries > View) and select View transactions.
2. Locate the line item and select Show details.
3. The detail page appears, showing the exchange rate date, type, and actual exchange rate used for that item.

Field descriptions

The table below describes each box in the Exchange Rate Information page.

Box	Notes and Limitations
From date	Displays only if you are editing an exchange rate. The date format you must follow is MM/DD/YYYY.
To date	Displays only if you are editing an exchange rate. The date format you must follow is MM/DD/YYYY.
Exchange rate type	Required. Select the down arrow and, from the list that displays, select the exchange rate you want.
From currency	Required. Select the down arrow then select the transaction currency you want to convert.
To currency	Required. Select the down arrow and then select the transaction currency you want to convert to. This box displays only for companies with multiple base currencies. If you do not see the currency you want, select the plus icon to open the Transaction currency information window and type in information for the currency you want.
Effective start date	Required. Type in the date on which you want this rate to become effective. The date format you must follow is MM/DD/YYYY. If you prefer, to select a date select the date icon to open the Calendar window and then select the date you want. If you are establishing a monthly rate, use the first day of the month.
Exchange rate	Required. Type the exchange rate in this box. If you prefer, you can instead select the Calculator icon to open the Calculator window and then use your mouse to enter the rate you want.
Reciprocal rate	The system automatically fills in the reciprocal rate, which is the reverse of the conversion rate you established. That is, if you are establishing a rate to convert dollars to Euros, the reciprocal rate is used to convert Euros to dollars.