External Transaction for Foreign Exchange Gain or Loss

Summary:

Does Oracle have a mechanism to detect and centralize all foreign currency transactions, and is there a way to account for the FX gain/loss automatically?

In the current state we are reliant on cash reconciliations to catch any differences between an amount sent in a payables file (on ledger) and the amount that ends up clearing the bank. Then, after catching each difference a manual entry must be recorded each month to offset the differences to realized gain/loss, thus reconciling cash accounts.

Content (please ensure you mask any confidential information):

Payment sent to supplier or payment received from customer in currency that is not the default ledger currency, we have our accounted foreign currency exchange rate to be determined based on what our external treasury/banking has provided, but the rate is not always the same as the actual rate used once the payment leaves or comes into the bank.