PURCHASING > Master Files > Tax and Exchange Rates > Update currency exchange rates from the web
This can be used to update all exchange rates in SpendMap with current rates available on the Internet, as opposed to having to update the Rate Field for each Currency Code manually.
If you use multiple currencies in SpendMap, updating the exchange rates frequently is recommended so that the landed dollar values for each transaction (which affect budgets, spend reporting, etc.) will be as accurate as possible.
Usage Options
There are three ways to use this feature:
1.Run the menu option manually from time to time.
2.Schedule an unattended process to run the utility.
3.Use the setting "Exchange rate update option" in User Defined Field Defaults to instruct SpendMap to update the exchange rates once per day.
Note: Some web services frown on "excessive" use of their services, so it's best not to run this too often, perhaps no more than once or or twice per day.
Requirements and Setup
1.To use this feature, you must indicate your Landed Currency Code in User Defined Field Defaults.
2.You must either A) specify the ISO Currency Code for all applicable Currency Codes in SpendMap, or B) you can use ISO Currency Codes as your internal Currency Codes if you prefer.
3.SpendMap must be able to access https://fixer.io in order to obtain the latest exchange rates.
Disclaimer
This service is provided by a third party (https://fixer.io/) and is provided as-is without warranty as to the accuracy, availability or timeliness of the information provided.
