Dynamic Exchange Rates


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. Navigate to Settings/Billing Rules.

2. Enable multi-currency mode (if you haven't) and click on Add Currency addcrnc.png.

billing rules.png

In the Add Currency dialog:

1. Select the desired currency from the Currency drop-down menu.

2. Place a checkmark on Enable Dynamic Exchange Rates and click Add (or Update if you're changing an existing currency to Dynamic).

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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 hitting the Add/Update button. 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 every day 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 be using 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 are able to edit it manually, if needed.

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