When admins enable multi-currency mode for their organization, they can manually set fixed exchange rates or update them dynamically. This article will explain how to set up dynamic exchange rates.
OfficeRnD Flex leverages Open Exchange Rates to retrieve the latest exchange rates.
Set up dynamic exchange rates
1. Go to Settings > Billing Rules.
2. Enable multi-currency mode (if you haven't) and click .
In the Add Currency dialog:
1. Select the desired currency from the Currency drop-down menu.
2. Select Enable Dynamic Exchange Rates and click Add (or Update if you change an existing currency to Dynamic).
Note: When the option is selected, the Exchange Rate input field will be greyed out
Outcome & Sync behavior
Adding/updating a new currency with the dynamic update option checked will sync its exchange rate immediately after clicking Add/Update. The synced exchange rate will be shown in the currency grid on the Settings > Billing Settings > Billing Rules page:
For each dynamic exchange rate, the grid will show the following message: Last updated at (yyyy-mm-dd hh: mm) where the format and timezone of the date/time match the organization settings in Settings > Calendar & Bookings. This message indicates the last time when the specific exchange rate was updated.
The exchange rate is automatically updated daily at 04:00 AM according to the global timezone settings in Settings/Calendar & Bookings. Thus, invoices generated before 03:59 AM on the next day will use the exchange rate from the previous day.
Disable Dynamic Exchange Rates
Unchecking the Enable Dynamic Exchange Rates option in the Add Currency dialog box will un-freeze the Exchange rate text field and populate it with the latest dynamically fetched value. You can edit it manually if needed.