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Setting Exchange Rate Type to 'No Rate' — Cloud Customer Connect
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Setting Exchange Rate Type to 'No Rate'

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edited May 9, 2022 9:30PM in Financial Consolidation and Close 2 comments

Summary:

Setting Exchange Rate Type to 'No Rate'Content (required):


Version (include the version you are using, if applicable):

Is it safe to set the exchange rate type to 'No Rate' for the accounts under the Balance Sheet except for Historical Accounts? At the moment in our app, we have Assets and Liabilities set to 'Ending Rate', Equity accounts set to 'Historical', and PL accounts set to 'Average Rate'.

My understanding is that FCCS does not consider the exchange rate type but instead looks at the Time Balance and if it is set to Flow, the conversion happens at the average rate for Movements and brings to the ending balance using FX calculations. If this is true then does it matter to tag accounts average vs ending except for historical accounts?

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