SHOCKING Foreign Transactions Secrets in Oracle Cloud

Create or enable any currency for displaying monetary amounts, assigning currency to ledgers, entering transactions, recording balances, or for any reporting purpose.
All currencies listed in the International Organization for Standardization (ISO) 4217 standard are supported.
The default currency is set to United States Dollar (USD).
What's the difference between precision, extended precision, and minimum accountable unit for a currency?
Precision refers to the number of digits placed after the decimal point used in regular currency transactions. For example, USD would have 2 as the precision value for transactional amounts, such as $1.00.
Extended precision is the number of digits placed after the decimal point and must be greater than or equal to the precision value. For calculations requiring greater precision, you can enter an extended precision value such as 3 or 4. That would result in the currency appearing as $1.279 or $1.2793.
Minimum accountable unit is the smallest
denomination for the currency. For example,
for USD that would be .01 for a cent.

Corporate: Used to standardize rates for a company. This is generally a standard market rate determined by senior financial management for use throughout the enterprise.
Spot: Used to perform conversion based on the rate on a specific date. The rate applies to the immediate delivery of a currency.
User: Used when you enter a foreign currency for a Transaction and you haven't defined a daily conversion rate for the foreign currency. If you select this conversion type, you must enter the conversion rate.
The difference between spot, corporate, user, and fixed rate types?
Spot: when exact currency conversion is needed.
Corporate: For setting a standard rate across your organization for a stable currency.
User: For infrequent entries where daily rates for the entered foreign currency aren't set up.
Fixed: For rates where the conversion is constant between two currencies.
Conversion rate types are used to automatically assign a rate when you perform the following accounting functions:
Convert foreign currency journal amounts to ledger currency equivalents.
Convert journal amounts from source ledgers to reporting currencies or secondary ledgers.
Run revaluation or translation processes.

The Enforce Inverse Relationship option indicates whether to enforce the automatic calculation of inverse conversion rates when defining daily rates.
Selected: When you enter a daily rate to convert currency A to currency B, the inverse rate of currency B to currency A is automatically calculated and entered in the adjacent column. If either rate is changed, the application automatically recalculates the other rate.
You can update the application calculated inverse rate, but once you do, the related rate is updated. The option enforces the inverse relationship is maintained but doesn't prevent you from updating the rates.
Not Selected: The inverse rate is calculated, but you can change the rate and update the daily rates table without the corresponding rate being updated.
Check the Enable Cross Rates check box to calculate conversion rates based on defined currency rate relationships. General Ledger calculates cross rates based on your defined cross rate.
Select the Allow Cross Rates Override check box to permit your users to override application generated cross rates. If you accept the default of not selected, the application generated cross rates can't be overridden.ate rules.

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