We are using Multicurrency with AP (as well as other modules). Our Home Currency is CAD.

We are entering an Invoice batch for USD Vendors.

In AP Invoices as well as Checks, as soon as we enter the Vendor code & press tab, the Currency on the Header displays: USD (which is correct). However, the Exchange Rate displays as 0.00000.

We have to go in to this field to select the Rate.

Can’t we have the Rate default automatically to the Rate that we have entered in the Multicurrency Rates, based on the Date on the transaction?

(Adagio would know which Rate Type to use as the default, since it has been entered on the Vendor's Ctrl Account Set.)

In Multicurrency, you define how the rate gets selected in the "Date Matching" area of the rate definition. If you say "Exact date" then you need a rate entry for every day. If you say "Lower" then you only need a rate until it changes.

That is correct.
We are using "Lower". So if we use an exchange date of say April 1, and our transaction date is later in April, I would expect that the default rate would be equal to what we entered for April 1.
But instead, the Rate still shows 0.0000 on the Invoice/Check screen. We still have to select or enter a value.
Shouldn't the April 1 rate automatically appear as the default rate?

Try "Higher".

No difference.

"Higher" or "Lower" - I tried them both, and in each instance the Rate on the Header screen remains at 0.00000. (And BTW, "Exact" as well gives the same results.)

It does not default to the appropriate Rate. We still have to click into this field.

Even if you have AV (or other Rate Type) in the Company Profile the Rate Type that is used is the one in the Control Account Set. You either need to change the Control Account Set or create the appropriate table.

It bothered me that the AP is not displaying the Currency Rate automatically, and I do not think that this is how it should work. All the multi-currency settings are setup properly.

So, I went into the Multi-currency Sample Data and after many tests and poking around, I found what we are missing.

The Control Account screen has to be completely filled in, otherwise the Rate does not calculate automatically.

We had the "Exchange rounding error" field blank. I filled in the GL account, and now the Rates do kick in automatically.

Perhaps this is the same client that converted from ACCPAC. With any conversion, the supporting tables and options should be reviewed for accuracy. For example control accounts, banks, terms and company profile options. Perhaps that's why a blank exchange error acct/dept was introduced.