Entering Currency Information

(Usage
Most of the time the primary currency we have defined in our GL is used for creating purchase order but if the supplier requests and we want to do the payment to the supplier in a different currency we can do that by changing the currency in PO currency form.
The convesrion rate is required as the system 'll transact only in the functional currency. The conevrsion rate can be globally mentained by using a corporate rate but in case of smaller firm where couple of people deals with the purchasing then they can use the user conversion type and put any conversion rate)

Use the Currency window to enter and change currency information for purchase orders, RFQs, and quotations.
For purchase orders, you can change currency information until the purchase order is approved or encumbered. Note that changing the purchase order supplier to one that uses a different currency overrides any information you have entered in this region.

1. Purchasing displays the functional Currency from your Primary Ledger, and you can accept or change the currency. If you change the currency, you must update the unit price on all lines to reflect what that price would be at the new currency.

The best practice is to enter the supplier information in header and then change the currency. You can change the currency information before entering the supplier information but after that when you enter the supplier name, the currency information 'll automatically change.

If you change the currency information after entering the Line details then the system 'll show below error message.

2. You can enter a Rate Type only if the currency for this document is different from your functional or base currency. The default is the currency rate type from the Purchasing Options window.
Purchasing supplies you with one of two predefined currency rate types: User or EMU Fixed. A rate type of User means that you can enter a conversion rate between the foreign currency (or transaction currency in a document entry window) and the base currency (or functional currency, defined in your set of books). A rate type of EMU Fixed means that if either your transaction currency or your functional currency is Euro (the European Monetary Unit currency) and the other is another
European currency, Purchasing automatically enters a conversion Rate Date and Rate for you that you cannot change.

You can define additional currency rate types in the Daily Conversion Rate Types window, and you can enter User or one of your additional types as the default.
Note that you cannot approve a purchase order without a rate type if you are not using your functional currency.

3. The default Rate Date is the current date. Purchasing uses this date to obtain the currency conversion rate from your conversion definitions and displays the rate if it finds one.

4. If the rate type is User, you can enter the conversion rate between the foreign currency and your functional currency. This rate corresponds to the value of your foreign currency in your functional currency. For example, if your functional
currency is US Dollars, the foreign currency is British Pounds, and 1 British Pound equals 2 US Dollars, you should enter 2 in this field. For other rate types, when you enter a rate date for which a rate has been defined, Purchasing displays the rate.

Oracle Applications Fusion Cloud - Inventory

Oracle Cloud/Fusion Procurement training will help you develop the fundamental skills required to set up and use the Procurement module. This training covers all the tasks, setups, forms and reports used in Procurement and related modules