How To Manage Exchange Rates

Overview

Exchange rates are managed in the org through the Setup menus. Exchange rates are effective daily, similar to how exchange rates fluctuate/change everyday. Follow the instructions below to create/update the exchange rates in the org. 

Procedure

Step 1. Navigate to the Exchange Rate management section.

Go to Setup > Localization > Exchange Rates

This will display the list of exchange rates. To create a new exchange rate record, click New.

If you need to update an existing exchange rate record, click the Edit hyperlink beside the record or open the record in Detail mode and then click the Edit button. 

Step 2. Define the details of the Exchange Rate.

This page allows you to define the details of the new Exchange Rate. Refer to the table below for the field definitions when populating the details.

Click the Submit button to save the new exchange record or save changes to an existing one. At this point, when the account is configured to have pricing in different currencies enabled, usage for that account are rated based on the pricing currencies and then converted into the invoice currency during invoicing.

 Terms Defined

Table 1
Field Name Description
Date Date when the exchange rate is effective.
Origination Currency Source currency.
Destination Currency Target currency
Rate Rate by which the source currency is multiplied by to obtain the cost in the target currency.

Related

Exchange Rates - Allows the ability to handle multiple currencies and perform conversion during rating.

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