The Default Currency & Exchange Rates functionality in Supplyframe allows you and your suppliers to utilize your choice of currency. Your suppliers may price parts in their own currency within your BOM results, which Supplyframe can then convert to your default currency based on the specified exchange rate.
To set a default, navigate to 'System Settings' and then select 'Default Currency' in the far left menu.
Refreshing Exchange Rates
On the Default Currency page, the Exchange Rates are based on 1 USD = other currencies. The services used to “Refresh” currency exchange rates are: https://currencylayer.com and https://openexchangerates.org. This Refresh will automatically happen hourly.
Exchange Rates are only automatically refreshed if the individual rate has not been manually adjusted by you or your team. Manual adjusting a specific rate will permanently set that rate to be controlled manually by your team. Even if you select 'Refresh Exchange Rates', only rates that were not manually adjusted will update.
Default Currency
Your default currency will show next to Exchange Rates at the top of the Currency page. Your default currency is what will be used within Supplyframe and sent to the suppliers. To change your current "Default Currency" setting, you can use the Search Currencies field to locate your desired default currency. For the appropriate desired country currency, click on a specific country's pushpin icon to "Set as Default Currency". This currency will now be marked as Default.
You can modify an exchange rate for any currency in its Rate column. Click on the specific currency and type in the updated rate. Then hit Enter to save.
To automatically update a rate from our "Open Exchange Rates" integration, check the box of the country's currency and click on Refresh Exchange Rates.
Please note: When working in an RFQ, currency calculations rates do not automatically update. Refreshing via the RFQs 'Spend and Savings' would adjust the RFQ for the current rate. Additionally, Awarded RFQs that are not modified would not be adjusted by currency rate updates, but manually changing the price would update along the new rate.