1 Folate is a generic term referring to both natural folates in food and folic acid, the synthetic form used in supplements and fortified food. 2  Folate is critical in the metabolism of nucleic acid precursors and several amino acids, as well as in methylation reactions. ( 3 More information).he only function of folate coenzymes in the body appears to be in mediating the transfer of one-carbon units (2) . Folate coenzymes act as acceptors and donors of one-carbon units in a variety of reactions critical to the metabolism of nucleic acids and amino acids (Figure 2) (3) .