You must set up a code for each currency you use if you buy or sell in currencies other than your local currency, have receivables or payables in other currencies, or record G/L transactions in different currencies.
This functionality requires that your experience is set to Suite. For more information, see Customizing Your Financials Experience.
You can use an external service to keep your currency exchange rates up to date. The Yahoo Currency Exchange Rates service is preinstalled and ready to enable.
To set up a currency exchange rate service
- Choose the icon, enter Currency Exchange Rate Services, and then choose the related link.
- Choose the New action.
- In the Currency Exchange Rate Service window, fill in the fields as necessary. Choose a field to read a short description of the field or link to more information.
- Choose the Enabled check box to enable the service.
To update currency exchange rates through a service
- Choose the icon, enter Currencies, and then choose the related link.
- Choose the Update Exchange Rates action.
The value in the Exchange Rate field in the Currencies window is updated with the latest currency exchange rate.