About the Intacct daily rate

Intacct gets the daily exchange rate one time daily from exchange rate provider, Oanda.com. Oanda calculates the daily exchange rate for that day based on the average ask rate. Oanda then provides this rate to Intacct for transactions that use the Intacct daily rate.

Intacct fetches the Intacct daily rates from Oanda at around 01:00-02:00 UTC.

The 1 day prior rate

The Intacct daily rate from 1 day prior uses the Oanda rate from 24 hours before the default Intacct daily rate, a total of 48 hours prior. The 1 day prior rate is useful for recording transactions where the typical business hours of a given region stretch over two business days in the UTC time standard. In such cases, using the default Intacct daily rate results in recording some of the transactions in a work day using one exchange rate, and the remainder in another.

It's a best practice to ensure that all daily transactions use the same exchange rate. Sage Intacct recommends comparing the business hours in your region to UTC hours to determine how your business hours overlap with UTC. Depending on the outcome of the comparison, you select either the Intacct daily rate or the rate from 1 day prior. The 1 day prior rate can be more typical for businesses operating in time standards UTC +6 through +14, or UTC -9 through -12. This assumes typical business hours of 8:00 AM to 5:00 PM.

Exchange rate examples

The following are some examples that illustrate the conversion of business hours in local time standards to UTC to determine the best Intacct daily rate to use.

Customized exchange rates

If you prefer, use a rate that you create yourself.

For information about finding the exchange rate that was used, refer to Find the daily rate used for a transaction item or Find the exchange rate used for a consolidation.