Question

You are required to change today's daily rates for converting GBP to USD.What are three ways in which you can update existing daily rates?

a. Use the spreadsheet loader from the Currency Rates Manager.
b. Import daily rates through the Daily Rates open interface table.
c. Update rates manually using the Currency Rates Manager, which can be accessed from the Functional Setup Manager or the General Ledger's Period Close work area.

Answer 1

To update daily conversion rates for GBP to USD, one can use the spreadsheet loader in Currency Rates Manager, import rates through the open interface table, or manually update rates using the Currency Rates Manager.

Step-by-step explanation:

To update existing daily rates for converting GBP to USD, there are several methods one can employ. These methods provide accurate and time-sensitive updates to ensure that currency conversion rates remain current with market fluctuations, which are pivotal for a wide range of financial processes, including the comparison of GDP across countries with different currencies.

• One method is to use the spreadsheet loader from the Currency Rates Manager, which allows bulk updates from a spreadsheet template.
• Another option is to import daily rates through the Daily Rates open interface table, which can be automated and integrated with other financial systems.
• Lastly, updates can be made manually using the Currency Rates Manager, which is accessible from the Functional Setup Manager or the General Ledger's Period Close work area for direct and immediate changes.