I’ve combed through countless comments on exchange rate and not found the specific answers I seek (apologies if it is dealt with somewhere I didn’t look, send the link or explain again).
I already know how to single enter and batch upload exchange rates, so my questions are not about how to do that.
I have both customers and vendors using a mix of AUD & USD.
- Overseas vendor provides product CIF to Australia in USD and a local vendor forwarder provides custom clearance and local freight in AUD.
- My client is invoiced USD for the goods CIF, and AUD for the customs clearance & local freight.
- 98% of the time AUD is paid in AUD and USD is paid in USD, however there are a few rare cases where say a USD invoice is paid in AUD equivalent.
First question specific to Australia is, what is the best source of exchange rate data to use to batch populate Manager with say 2-3 years of data? I found this historical data on RBA
Second is it necessary to have exchange rates in for every day to allow the Manager to convert all USD transactions to AUD for the P&L, BAS , and any other reports to be correct?
or is it only needed for those days an actual exchange happened? (i.e. invoiced in USD, paid in AUD)