Exchange Rates

Exchange rates translate foreign currency balances from your Ledger currency (the currency in which transactions are recorded) to your reporting currency (parent currency) during Foreign Currency Translation. The Exchange Rates tab lets you add and manage the exchange rates that will be applied when you run consolidations.

When Foreign Currency Translation runs as part of the consolidation process, it uses the exchange rates you set here to create GL entries that revalue foreign currency balances as of the period end.

In this article

• Prerequisites
• Step 1: Add the Exchange Rates Tab to the Accounting App
• Step 2: Create New Exchange Rates
• Related Articles & Next Steps

Prerequisites

Important: Complete ALL the steps in the Foreign Currency Translation Configuration Setup article before proceeding with the steps below.

Step 1: Add the Exchange Rates Tab to the Accounting App

The Exchange Rates tab is used in conjunction with Foreign Currency Translation and is accessible from the App Launcher. You can add it to the Accounting App or your app's navigation bar for quicker access.

To add Exchange Rates to your navigation bar:

1. From the Accounting app or your app, click the Pencil icon to personalize your navigation bar.
2. Click Add More Items.
3. Select All and search for Exchange Rates.
4. Click the + (plus sign) to select Exchange Rates.
5. Click Add 1 New Item. The new item displays at the bottom of the list.
6. To change the display order, select the new item and drag it up or down to rearrange.
7. Click Save. The Exchange Rates tab is now available from your navigation bar.

Step 2: Create New Exchange Rates

1. Navigate to the Exchange Rates tab.
2. Click New. The New Exchange Rate dialog displays.
   1. 
3. Complete the following fields (all are required and marked with a red asterisk):
   • From Currency Code (ISO): Select the Ledger (child) currency code from this drop-down. Codes available are those you added in Global Picklist Value Sets when setting up Foreign Currency Translation.
   • To Currency Code (ISO): Select the reporting (parent) currency code from this drop-down. Codes available are those you added in Global Picklist Value Sets.
   • Rate Type: Select the rate type for this Exchange Rate (for example, Average or Period End). Rate Types available are those you added in Global Picklist Value Sets.
   • Effective From: Enter the date when this exchange rate becomes effective. Example: To apply an exchange rate for January consolidations, set Effective From to January 31, 2026.
     • Important: Rates effective as of the last day of the Accounting Period are required to run Foreign Currency Translation.
   • Exchange Rate: Enter the rate for the selected Rate Type. This rate will be applied when Foreign Currency Translation runs during consolidations.
4. Click Save. The new Exchange Rate is now available from the list view and will be applied when you run consolidations.
5. In a similar way, create the exchange rate records you need in order to run consolidations - consider the other Rate Types you need as well as the From/To Currency and Effective From/To Dates.

Important:

• Once an Exchange Rate is created, certain fields such as Effective From cannot be modified. To change a rate, delete the existing Exchange Rate and create a new one.
• Exchange rates are used only for Foreign Currency Translation during consolidations. They do not affect currency conversion rates used when you create transactions in different currencies. Salesforce Dated Exchange Rates are used for that purpose.
• Rates effective as of the last day of each Accounting Period are required to run Foreign Currency Translation. If rates are missing for the period end, the consolidation action will fail or produce incomplete GL postings.

Related Articles & Next Steps

• Related articles:
  • Set up Consolidations – Set up your ledger hierarchy and consolidation structure.
  • Foreign Currency Translation Configuration Setup – Complete all configuration steps before setting exchange rates.
• Next Steps:
  • Run Consolidations – Execute consolidations using the Rate Types and Exchange Rates you configured.

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