You can configure Foundations to import exchange rates from an external rate provider, such as the European Central Bank or Salesforce Advanced Currency Management. This enables you to save time as you do not need to manually record exchange rates for the currencies that the rate provider supports. You can specify criteria for importing rates, and if required, you can manually edit any rates that you have imported.
Rate Provider Options
By default, Foundations imports rates from the European Central Bank. If you use Salesforce Advanced Currency Management to manage dated exchange rates, you can choose to import these rates into Foundations. This enables you to manage rates across your org consistently, while taking advantage of the Foundations exchange rate group and type categorization options.
For more information about enabling and using Salesforce Advanced Currency Management, see the Salesforce Help.
Filtering Options
You can specify whether you import specific exchange rate groups, currencies, or rate types. Rates are created for the combinations specified.
For example, you could consider the following scenarios when configuring your imports:
- Automatically update spot rates daily and manually update closing rates at the end of the month.
- Automatically update commonly used groups daily and manually update rates for the groups that you use infrequently.
- Automatically update commonly used currencies and manually update those that are used infrequently.
Example
This section provides an example of an import configuration.
Your org contains several exchange rate groups that include US dollars and you configure Foundations to import the following items:
- Exchange rate group: US - Merlin Tech, UK - Merlin Tech
- Currency: US dollars
- Exchange rate type: Spot
When the Update Exchange Rates scheduled job runs, Foundations creates US dollar spot rates for only US - Merlin Tech and UK - Merlin Tech. Other rate types and other groups that include US dollars are not updated.
Default Configuration
If you do not manually configure the settings on the Exchange Rate Updates tab, the scheduled job updates rates for:
- All supported currencies
- All groups with a supported default currency
- The default rate type
- The default rate type is specified on the Exchange Rate Type picklist on the Exchange Rate Entry object
By default, the scheduled job imports rates from the European Central Bank.
Groups
No rates can be imported for exchange rate groups that contain an unsupported default currency as no conversion details are available from the rate provider.
For more information about supported currencies, see the rate provider’s website.
Currencies
You can only import currencies that the rate provider supports. You must update rates for unsupported currencies manually.
Dates and Rounding
You can choose whether you want to import your rates on demand or regularly using a scheduled job.
For example, you could set up a schedule to import rates from the European Central Bank daily, in line with their rate updates. For more information about a rate provider’s update times and closing days, see the provider’s website.
The Update Exchange Rates scheduled job imports exchange rates that matches the date and time for the user who runs or schedules the job.
All imported rates are converted and stored relative to the default currency of the associated exchange rate group. For example, the European Central Bank stores all rates in euros. If your org uses exchange rate groups that contain a default currency other than euros, Foundations converts the exchange rates received from the rate provider appropriately. You do not need to activate euros in your org to use this feature.
Rates can contain a maximum of nine digits and nine decimal places. Foundations applies standard Salesforce rounding when required. See the Salesforce Help for more information about rounding.
Setup Details
To specify the rate provider you want to use as well as which rates you want to update, configure your preferences from the Exchange Rate Updates tab. For more information, see Setting up Your Org to Import Foundations Exchange Rates.
You can configure when the scheduled job runs or import rates on demand from the Foundations Setup tab or the Exchange Rate Updates tab. For more information, see Importing Foundations Exchange Rates.