Hey all, I have an interesting situation in regards to Exchange Rates. We had an exchange rate set as X at the beginning of the year. We set the exchange rate to Y in August. We have some transactions in the foreign currency in November. However, when we look at the transaction in our Income Statement, in our local currency, it is converting the November foreign currency transactions using exchange rate X rather than exchange rate Y. Any idea why this might be?

Does the date on the transaction align with the posting period? The currency FX is feeding off the date, whereas posting period could be unrelated to the date. That's one reason this could be occurring.

@James Morris Thanks for the answer. It turned out that we had only edited Currency Exchange Rate, not Consolidated Exchange Rate. Once we updated those rates, the issue was fixed :).

Makes sense. Yeah that whole consolidated exchange rate was a bit of a weird concept the first time I encountered it. Glad you got it solved!