TechKnowledge Content
SELL-usually associated with Purchasing module in the company. Since you are buying merchandise from a vendor and giving them money at an exchange rate that you would receive when they SELL it to the bank, that is when SELL would be used(i.e. because a company must use currencies acquired at the bank's Sell rate to pay vendors, that rate is used for purchasing transactions).
BUY- usually associated with RECEIVABLES module in the company.The customer is buying merchandise from you and you are converting to the proper exchange rate when the bank buys the currency from you and gives you the functional back. Because a company must sell the other currencies received from customers to this bank at the bank's Buy rate, that rate is used for sales transactions.
AVG- associated with the FINANCIAL and revaluation. At the end of each month, companies will usually go through a revaluation of their general ledger(now in 6.0 can also do payables/receivables) at that time they usually use an average exchange rate for the entire month. Average may be used to refer to the average of the Buy and the Sell rate.
*****NOTE*****
A customer can begin using the EURO at any point.Beforeyou setup the triangulation, there are certain stepsyou must complete before the system will allow them to enable the EURO such as reconciling all the check books, making all their deposits, unapply any partially applied documents etc. Please refer to the EURO document on the requirements and technical support for any questions.
This article was TechKnowledge Document ID:24110
