When bids are submitted in a foreign currency, requesters will need to input the conversion rate to a local currency for evaluation. This will ensure that any approval fields or steps subject to award value can be properly processed. If your organisation maintains a standard set of rates for currency conversion, and would like to control this centrally instead of letting your requesters input the value, you may set this in your organisation's Currency Settings page.
Accessing the Currency Conversion Rate settings
To access the currency conversion rate settings, you must be a Buyer Admin or Sub-Admin for your organisation, and must have access to 'Organisation Settings'. Click on Management > Organisation Settings and select the Currency tab.
Adding and Removing Currencies from the Conversion Rate table
Adding a currency to the Conversion Rate table will automatically fix that conversion rate when a quotation is submitted in that currency. For instance, if you have set the US Dollar (USD) to be converted to your base currency at a rate of 1:1.35, when a quotation is submitted for US$1,000, it will automatically be converted to $1,350 for your internal processing. All documents issued to the supplier, such as the Purchase Order, will still be in the quotation currency.
To add currencies to the Conversion Rate table, click on 'Add Currency'. This will bring up the Add Currency pop-up. Select the currency you wish to add - you may type in the currency name to make the selection or select from the drop-down list. You may also add multiple currencies at the same time, then press Add.
This will add the currencies to the Conversion Rate table. You may then enter in the conversion rate in the format demonstrated below. All conversion rates are relative to your base currency. As an example, if US$1 is $1.35 of your base currency, enter 1:1.35.
If you wish to remove a currency, you may click on the red x next to the currency to remove it.
If you wish, you may also use the Export function to download an Excel file template for you to input the currency values. Fill in the conversion rate in the same format under the 'Conversion Rate' column.
Once this file is completed, you may click on the Import button to import this file, which will populate the table with your input values.
Once the table has been completed, you may click on the Save Settings button in order to save the currency values. Note that you will not be able to proceed should any of the conversion rates be blank or in the wrong format.
What requesters will see
When bids are submitted, the conversion rate is automatically applied for currencies in your currency list. The user is also unable to change the conversion rate from what you have applied.
In this example below, the quotation on the left was submitted in USD has been automatically converted. The user is unable to update the conversion rate manually. The quotation on the right was submitted in EUR and has not been converted, as the currency is not in the Conversion Rate table. The user will need to manually update the exchange rate in order to proceed.
If the user wishes to update the exchange rate for a currency that's in the Conversion Rate table, the administrator will need to make this update for them. They will then be able to update the conversion rate to the newer rate once this has been updated.