Let’s assume you are accounting quite happily for your single company, transacting in your single ‘home’ currency only. Let’s assume you’re in the US, so everything is dollars. Of course you may buy the occasional item or service priced in a foreign currency, but you buy...
I’ve been to various Oracle User Group conferences, as a presenter, exhibitor and a regular attendee looking to learn as much as possible. Collaborate is definitely my favourite. It’s a joint conference put on by three user groups: OAUG (Oracle Applications User Group) – Oracle applications, especially...
So you have a multi-currency ERP/accounting application. It has a place to enter FX rates and great functionality to use them for converting transactions, revaluations, etc. But where should you get those rates from? Most accounting principles allow a market rate to be used, for the...
Our two most popular sources of currency rates are OANDA and Xignite. Both provide Bid and Ask rates for each currency pair, as well as the Mid-point between Bid and Ask. However, there are slight differences in what the rates represent over time. OANDA publishes their rates...
Currency exchange rates are needed in ERP applications, to convert foreign currency transactions to the reporting currency of your organization(s). But where do you get those rates from? The accounting principles for most countries allow a market rate for the date or month in question. However,...
Oracle Fusion Cloud Applications contains a very useful web service which opens up all the File Based Data Imports (FBDI) so that they can be fully automated via web services. It contains a method to send the data, as if it was a file, to...
How are Period Rates used? Daily Rates are used in E-Business Suite (EBS) to convert foreign currency transactions to the functional currency of your set of books/ledger. Period Rates are using within the General Ledger module (GL) for specific accounting processes run at the end of the...
Ledger/Set of Books in Oracle General Ledger Oracle GL stores all account balances, updated by financial transactions in all other modules of E-Business Suite (EBS). Ledgers, known as Sets of Books prior to Release 12, are set up to store balances for an organization or group of...