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This article applies to:

  • Product: ONESOURCE Global Trade
  • Sub-Product: IMMEX

Exchange Rate

ONESOURCE IMMEX handles conversion to Mexican Pesos (MXN) from any foreign currency within the Exchange Rates table.
The exchange rate value is determined as the foreign value multiplied by the currency conversion rate in effect on the date of export, not the date of receipt. Some currencies are reported as a quarterly rate, while only the daily rates are acceptable for others. The quarterly rate is defined as the conversion rate in effect the first day of the quarter. ONESOURCE accounts for the quarterly or daily rate conversion for each currency.
  • The currency must be defined in the
    Country
     screen. Otherwise, the currency code will result in a validation error.
  • In the
    Exchange Rate
     table, you must enter the conversion rate for the specific date, beginning with the first day of the quarter. This must be done for each currency.
  • If a currency is a quarterly rate, the
    Quarter Flag
     should be set to “Y” when you enter the first rate of the quarter. Each subsequent entry for that currency will automatically calculate the conversion rate based on the quarterly rate.
  • The client must enter the
    Conversion Rate
     on a daily basis. If this step is skipped, FIFO will fail even when the system is looking for the currency conversion for the export date.
Currency conversion can now be set up to automatically download daily from our ONESOURCE Global Trade Content database. The Country table will need to have the Currency Code filled in and UseCurrencyFlag changed to Y.

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