User entered foreign exchange rate creates a realized gain/loss - want to use a Contracted Rate
Hello.
We are trying to utilize a contracted foreign exchange rate for IAT payments. The contract FX rate is determined before the actual payment is made and should be used throughout the entire voucher/payment process and for posting JEs. The problem is the Current FX rate is being used during Payment Creation, and not the user-entered rate, and results in a realized gain or realized loss when posted and the current FX rate is different from the user-entered rate.
The scenario is, we have a bank account in USD, the voucher in CAD to be paid in CAD. A user-entered FX rate is entered as the transaction rate on the voucher. And it calculates the accruals properly. But when the payment is created and posted, Peoplesoft is using the Current rate (from the table) and is "comparing" against the user-entered rate and generating realized gains/losses if the user entered rate that differs from the current table rate. But in reality, since we are using a predetermined contract rate for the payment, we want Peoplesoft to post using that contract