Add conversion rates using a custom rate table
You can create a custom rate table to ensure repeatable and consistent calculations. In a custom rate table, you control the conversion rates and the frequency of rate conversions. If you don't define custom rate tables, FX Currency fields use the System Conversion Currency Rate [fx_system_rate] table, which updates rates daily from the ECB (European Central Bank) website.
Before you begin
Role required: admin, currency_admin
About this task
A conversion rate can be quoted in different ways.
- Direct conversion rate (A -> B) that may or not be invertible (that is, given rate R for A -> B, the rate for B -> A can be derived as 1/R).
- Indirect conversion rate through some intermediate currency (A -> C and C -> B).
Procedure
Navigate to All > System Definition > Tables.
Click New.
In Label field, enter the name of the conversation rate.
For example, Convert-US-Euro.
In the Extends field, select the Currency Conversion Rate [fx_conversion_rate] table.
Complete the remaining fields to create the new extended table.
For more details, see Create a table for details.
Click Submit.
Navigate to the new table and fill in the fields on the form.
| Field | Description |
|---|---|
| From Currency | Currency to convert the rate conversion table from. For example, USD if you are converting from US Dollars. |
| To Currency | Currency to convert the rate conversion table to. For example, EUR if you are converting to Euros. |
| Span start | Date/time from which this currency rate is valid, for example, January 1, 2020 00:00:00. |
| Span end | Date/time to which this currency rate is valid, for example, January 30, 2020 23:59:59. |
| Order | Order in which a currency conversion selects currency rates when their time spans overlap. For a date/time and a currency pair, if there are multiple rates with a Span start less than or equal to the date/time, and Span end greater than or equal to the date/ time, the currency conversion selects the highest order rate. |
| Rate | Actual conversion rate, stored as a decimal with six decimal places. |
- Click Update.
What to do next
After you create the custom rate table:
- Manually populate the table, or import data to populate it.
To use this rate table on a global basis, change the glide.currency2.system_rate_table system property.
To use it for a specific FX Currency field, change the Conversion Rate Table field setting in System Localization > FX Currency Configuration.
Parent Topic:Setting up defaults required for FX Currency use
Related topics
Configuring FX Currency global settings
Add an FX Currency field to a table
Configuring FX Currency field behavior
Update a Currency Instance record
FX Currency values in import and export
Configuring FX Currency global settings
Specify the rate table and date source for currency conversions