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      Step 6: Currency (FASB & IFRS Only)

      This does not apply to organizations operating under a single currency.

      • If operating in multiple currencies, you can opt to follow the common practice of using the prior month’s exchange rate as your average exchange rate for the month.
      • When entering exchange rates, be sure to select the appropriate year.
      • Exchange rates need to be entered in both directions. Example: COP to USD and USD to COP
      • More information can be found in our Knowledge Base article Foreign Currency Reporting - How To Video