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Exchange Rates

Owned by Kyle Niekamp
Last updated: 06 20, 2022 by Claire Aleman

Overview:

The Exchange Rates window allows you to maintain daily exchange rates, commonly referred to as the “spot rate,” between your base currency and the different source currencies you transact business in. PENTA uses these exchange rates to convert transactions recorded in a source currency to your base currency and to translate account balances to your base currency for financial reporting.

Benefits:

  • Exchange rates are used to convert transactions recorded in a source currency to your legal entities base currency
  • Currency Translation process uses Exchange Rates to translate your account balances to your base currency for financial reporting

Roles:

  • Accounting Manager
  • CFO

Additional Content

  • N/A

Location:

  • Financial & Accounting > Setup > Currency Information > Exchange Rates

Video:


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