You can now choose to use currency exchange rates provided by Foundations. This enables you to set up and maintain exchange rates in Foundations and use them in Accounting.
For more information, see Foundations Currency and Exchange Rates Overview.
When using Foundations exchange rates, the Accounting concepts of company-specific and org-wide exchange rates are supported using exchange rate groups. When you enable the Foundations Exchange Rates Integration feature, your existing company-specific and org-wide exchange rates are migrated as follows:
- Company-specific: A exchange rate group is created for each Accounting company and is automatically linked to the Accounting company through the Exchange Rate Group Lookup field on the Company custom object. The exchange rates in the group are relative to one unit of the company's home currency.
- Org-wide: One exchange rate group is created that contains exchange rates relative to one unit of the org's dual currency. The group is linked to all Accounting companies that use org-wide exchange rates through the Exchange Rate Group Lookup field on the Company custom object. Foundations applies triangulation to calculate any other relevant exchange rates.
For more information, see Creating Foundations Exchange Rate Groups.
In order to use Foundations exchange rates, you must enable the Foundations Exchange Rates Integration feature in the Feature Console. For more information, see Setting up the Foundations Exchange Rates Integration.
SECTIONS