What does a Rate type define in OneStream's COA?

A Rate type in OneStream's Chart of Accounts defines how currency conversions should be managed for accounts. This includes determining the methods and specific rules applied when converting financial data from one currency to another within the system. The significance of this functionality is essential for organizations that operate in multiple currencies, as it ensures consistency and accuracy in financial reporting and analysis.

Using the appropriate Rate type allows companies to handle various scenarios such as standard exchange rates, average rates, or historical rates, depending on the financial context and reporting requirements. This capability is crucial for generating reliable financial statements, as it supports the accurate representation of values in a uniform currency, facilitating better decision-making and comprehensive financial planning.