What does the CONVERTONDATE function do?

The CONVERTONDATE function is designed to facilitate the transformation of a monetary value to the currency specified in the workbook, taking into account the exchange rates applicable for given dates. This function is particularly useful in financial contexts where transactions or financial reporting require accurate currency conversion relative to specific moments in time. By using this function, users can ensure that they apply historical or projected exchange rates that correspond to the dates of the transactions or budget entries, thereby achieving a precise assessment of financial data.

This capability is essential for accurate financial planning, analysis, and reporting, especially in businesses that operate across multiple currencies or deal with fluctuating exchange rates over time.