Where does ApprovalMax get the exchange rate from?
The Exchange Rates feature allows users to apply accurate currency conversions when processing and approving finance documents such as Invoices, Purchase Orders and Expense Claims. This ensures that the financial records and reports reflect the most up-to-date and accurate value of transactions across different currencies.
- For requests created in ApprovalMax, we use the exchange rates from http://openexchangerates.org/. The alternative source is https://fixer.io/, in case http://openexchangerates.org/ is not available.
If the exchange rate was entered manually, we state the source of the exchange rate as "Adjusted manually by the Requester". - For requests created in Xero (irrespective of whether the exchange rate was calculated automatically in Xero or entered manually), we state the source of the exchange rate as "Xero".
- For requests pulled from QuickBooks Online, we state the source of the exchange rate as "QuickBooks Online".
- For requests created in NetSuite and pulled to ApprovalMax for approval, we state the source of the exchange rate as "NetSuite".
- For requests copied from other requests, we state the source of the exchange rate as "Original request".
- For requests in cryptocurrency, we use the exchange rate from https://coinlayer.com/
Related Articles
Manual Exchange Rate in Approvalmax
Xero Organisations with multiple currencies struggle to provide the required exchange rates for specific requests: currently all requests are created with the current rate, which works fine for today's and future dates but fails to meet the expected ...What is the manual exchange rate in Xero?
Organisations with multiple currencies struggle to provide the required exchange rates for specific requests: currently all requests are created with the current rate, which works fine for today's and future dates but fails to meet the expected ...What is the QuickBooks Online manual exchange rate?
Organisations with multiple currencies struggle to provide the required exchange rates for specific requests: currently all requests are created with the current rate, which works fine for today's and future dates but fails to meet the expected ...Managing currencies in ApprovalMax
ApprovalMax handles currency settings based on how your Organisation is configured: If you're using Xero or QuickBooks Online, ApprovalMax pulls your Organisation’s default currency directly from your connected accounting platform. If you're using ...Recalculation of the automatic exchange rate if a request is edited before the final approval (QuickBooks Online)
The automatic exchange rate will not be recalculated based on the date of editing.