Exchange Rates can be found in the Administration module under Settings > Management tab > Exchange Rates tab. Exchange rates are used to estimate the community base currency value of an item purchased in a foreign currency. The estimation is used to ensure the requisition will be routed to the correct delegated approver.
Users with the Community Management or Community Administrator role can set an override for the exchange rate for each currency. To set or change the Override Rate click Edit Override.
You can then enter a new exchange rate in the Override Rate field and click Save to apply this rate to the currency.
Once you have saved the Override this will apply on all further purchases. You can remove the Override by clicking Delete Override to the right or update it by clicking Edit Override.
|Note: The exchange rates are not used to calculate the final value of the item in the communities base currency. They are just an estimate for approvals. The purchase order will be created using the currency it was purchased in and the final conversion will occur at the point of invoice or within the customers finance system.
Each night the exchange rates are updated using the openexchangerates.org feed.