Admin Exchange Rates

This page displays a history list of the currency rate fluctuations on the system for the Active Currencies on the system.  An active currency is one that has been designated as one of the active currencies and shows up as an available option on drop down menus throughout the system.  This is NOT the place to either add a new currency that is not already present in the ]project-open[ currency database or to set a particular currency as the system locale.  To introduce a new currency (not already present), it can only be added by modifying the currency list within the source code and then u­pdating the system.  To set a currency (already present) to the system default is done at the Parameters page with the parameter DefaultCurrency located under the heading "intranet-cost".

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The 'US Dollar' currency is required and can't be modified.  The value of the US Dollar should always be '1.0', because it is the reference currency, and therefore internally every currency is expressed in it's relative strength versus the US Dollar.

• Add Active Currency - select a new currency from the pre-existing list of available currencies to add to the list of active currencies on the system
• Update Exchange Rates - update the system's exchange rate information to reflect the current ones   

Add Active Currency

From the Exchange Rate Home Page, look to the left hand side Navigation Bar and under "Admin Links" click on "Manage Active Currencies".  You will be shown a list of all the current active currencies on the system i.e. currencies that will appear as options when users are asked to input fiscal data.  From this menu you can remove currencies from the active list, or using the drop down menu to the right you can choose to add another currency to list.   

Update Exchange Rates

To make sure the exchange rates stored on ]project-open[ reflect the current global exchange market it is necessary to update them.  This action is simple, and only requires a click on "Get Exchange Rates" button.  While that is the only technical issue involved, due to the sensitivity and volatility of this financial information, the first question to arise otherwise is Who to trust for the most reliable and up to date information?  Currently, ]project-open[ connects to X-Rates   a free and public web-site for currency trading information.  For any business not wishing to rely on this service, we can either be contacted for other solutions, or you can delve into the source code and manually update the internal exchange rates by hand. 

The history of the exchange rate fluctuation as recorded on ]project-open[ is listed on the Exchange Rate homepage so that any discrepancies can be tracked. 

References

• Admin Home Page
• Exchange Rates Package