Currency Rate is used to view and edit all currency exchange rates that you have entered. Currency Rate allows you to establish exchange rates between currencies for a given date and rate type combination.
Base Currency is the base currency for the company.
Currency represents the from currency ID to be used to enter foreign currency transactions at the rate specified for the effective date and rate type.
Effective Date is the date that the rate is to take effect. When you enter foreign currency transactions, the rate is in effect for the currency ID, rate type, and effective date, until an updated rate is entered.
Exchange Rate specifies the rate applied to the Currency to arrive at the Base Currency amount.
Multiply / Divide specifies whether the foreign currency is to be multiplied or divided by the rate given to arrive at the base currency amount.
Rate Type indicates the rate type to be identified with foreign currency, base currency and effective date. Different exchange rates for the same foreign currency, base currency and effective date need to be differentiated by the appropriate rate type ID.