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Answer the following questions to see what you've learned.

1.

When entering a cash receipt journal, you want to adjust the exchange rate of the foreign currency based on the rate that your bank applied for a customer payment in that foreign currency. What do you need to set up to achieve this task?

On the Currency card, select the Manual Exchange Rate field.

On the Currency Exchange Rate page, set the Fix Exchange Rate Amount field to Relational Currency.

On the cash receipt journal line, select the Modify Exchange Rate field.

In the general ledger setup, clear the Fix Exchange Rates field.

2.

A customer has made a payment in Euros. Your local currency is US dollars. Which one of the following statements about the payment is true?

The payment can only be applied to invoices in Euros.

The payment cannot be applied to any invoices unless the payment is converted to a US dollar payment.

The payment can be applied to invoices in other currencies.

A payment cannot be posted in Euros if your local currency is US dollars.

You must answer all questions before checking your work.