Rate Code

The rate code has two different functions:

• This field allows you to specify different rates for converting between the same foreign and base currencies.  The different rates can be used for current transactions, translation, and revaluation.  To specify the rate for current transactions, leave this field blank.  To specify a different rate to be used for translation or revaluation, enter any two-character code.  
• The rate code associated with the cost.  Rate codes provide detailed breakdowns in the total labor and overhead rates for a workcenter.  Rate codes are defined with all other cost elements on the Reference File (category C17).