Hi @allan.crabtree
ACF saves / loads data to and from a $post. Keeping this in mind, it would make sense to place the template code within the theme file that renders out the post’s data.
For a single page, this is most likely single.php or page.php
For a loop, your theme may be loading in a partial file called content-post.php – in which case this is also where you would want to place the code.
This of the_field as a similar function to the_content(); it is relevant only to the current post object, not the global WP site.
Hope that helps.
Thanks
E