Currency setup in Account Reconciliation
SummaryQuestions on currency setup best practices when summary reconciliations are used
Nearly all of our accounts are reconciled in functional currency, with a very small number reconciled in entered currency. There is no requirement for the entered currency accounts to also be reconciled in functional currency. Therefore, the functional and entered currency buckets are both enabled in our application. As there is no need for transactions to be translated (no account has more than one currency bucket activated), each profile has "Historical Rate" checked.
Ideally, we would not need to create and maintain any Rate Types or load any currency rates.