In Unimarket, Exchange Rates are used as a tool for estimating the value of foreign currency purchases in your community's base currency. This estimation is crucial for workflow routing, ensuring that a requisition is sent to the correct approver based on its converted value.
How Exchange Rates Function
Automatic Updates: By default, Unimarket updates exchange rates every night using a live feed from openexchangerates.org.
Approval Estimation Only: These rates are strictly for approval routing. They do not determine the final payment amount.
Final Conversion: The actual Purchase Order is issued in the original foreign currency. The final currency conversion happens either during the invoicing stage or within your internal finance/ERP system.
Key Takeaway for Approvers
Because exchange rates fluctuate, an approver might see a slightly different base-currency estimate. Then the buyer saw if the requisition was created, right before a nightly update. However, using a manual Override can provide a stable "budgetary" rate for the entire fiscal period.
Accessing the Exchange Rates Screen
Users with the Community Administrator or Community Management role can manage these settings:
Navigate to the Administration module.
Click Settings, then the Management tab.
Select Exchange Rates.
Managing Manual Overrides
If your institution uses a fixed internal rate or needs to "lock in" a specific rate for a period, you can manually override the daily feed.
Add or Edit an Override
Locate the currency you wish to change.
Click Edit Override.
Enter the desired rate in the Override Rate field and select Save.
Result: This rate will immediately apply to all future requisitions.
Delete an Override
If you want to stop using a manual rate and revert to the daily automatic feed:
Locate the specific currency name.
Click Delete Override.