Currency Exchange Rates

This article explains how to use Currency exchange rates, a feature that makes it easier to work with suppliers over multiple currencies

The Currency Exchange Rates tab in Mercanis allows users to create and manage exchange rate lists that converts supplier bids to their default currency. 

For example, an American supplier working with a Saudi based company can send a bid in USD and, using this system, this will be reflected in AED for the purchaser. 
This ensures accurate multi-currency handling and compliance with time-sensitive rate changes.

You can access and create exchange rate lists by:

• Navigating to Settings.

• Clicking on Configuration. 

• Selecting Currency Exchange Rates. 

Creating a New Currency Exchange Rate List:

• Click on "Create new currency exchange rates."

• Name your new list and define the start and end date for the applicable timeframe.

• Set the default currency.

• Add all currencies that you want to include in the list and their exchange rate against your default currency.

Notice - To ensure that this feature works well with other processes (i.e. sourcing events), you must first create this list and only then create events. Additionally, these events must happen within the currency exchange rate timeframe, as this cannot work retroactively.

Viewing, Editing, and Deleting Existing Exchange Rate Lists:

You can access and manage existing lists by clicking on the icons next to them:

• View: Click the 👁️ eye icon to open an exchange rate list.

• Edit: Click the ✏️ pencil icon to update a list.

• Delete: Click the 🗑️ trash bin icon to remove a list.

Setting the rates in advance enables event suppliers to prepare and easily work in a multi-currency environment, ensuring a smooth currency conversion process for transactions.

Need Additional Support?

Should you require additional help, feel free to send us a support ticket or reach out to your CSM.