You work for a company that receives invoices in foreign currencies.
You need to configure the currency exchange rate providers and exchange rate types.
What should you do?
Click on the arrows to vote for the correct answer
A. B. C. D.A.
References: https://community.dynamics.com/365/financeandoperations/b/365operationsbysandeepchaudhury/posts/configure-currency-exchange-rate-providers-and-import- exchange-rates-automatically-in-dynamics-365-for-finance-and-operations.
As a Microsoft Dynamics 365 Finance Functional Consultant, your task is to configure the currency exchange rate providers and exchange rate types for a company that receives invoices in foreign currencies. To accomplish this, you can follow the steps given below:
Step 1: Configure exchange rate providers Exchange rate providers are external services that provide exchange rates for specific currencies. In Dynamics 365 Finance, you can configure exchange rate providers to obtain the exchange rates for foreign currencies. To configure the exchange rate providers, you need to perform the following steps:
Step 2: Create exchange rate type Exchange rate types are used to differentiate between different types of exchange rates, such as spot rates, average rates, or budget rates. In Dynamics 365 Finance, you can create exchange rate types to specify the type of exchange rate that is used for a particular transaction. To create an exchange rate type, you need to perform the following steps:
Step 3: Import the currency exchange rates After you have configured the exchange rate provider and created the exchange rate type, you need to import the currency exchange rates for the foreign currencies. In Dynamics 365 Finance, you can import the currency exchange rates using the Data management module. To import the currency exchange rates, you need to perform the following steps:
Option A is the correct answer because it includes all the necessary steps to configure the currency exchange rate providers and exchange rate types. Option B is incorrect because it only mentions importing one currency exchange rate type, but it does not cover the configuration of the exchange rate provider or the creation of the exchange rate type. Option C and Option D are incorrect because they suggest using a developer to write code for configuring the currency exchange rate providers, which is not necessary in Dynamics 365 Finance as it provides a user-friendly interface to configure the exchange rate providers.