I do a number of international transactions to USD, GBP and many more where i purchase and sell goods.
I am wondering how does this feature work (not from a technical stand point). I am trying to figure out when to put an exchange rate and when not to.
For example, yesterday i paid a purchase invoice in a different currency. I enter the AUD value (i live in Australia) of the amount i transferred across and i enter the amount in the next tab that i got in the different currency (next to tracking Code we can enter the amount in foreign currency). Do i add an exchange rate when i do this?
I entered a currency exchange rate before i did my ever first transaction in a different currency.
I have tried looking in the forum and guides but i don’t think there is much information on this as the guides are being worked on. I am not that accounting savvy so please excuse this question if it should be making sense.