The Exchange Rate configuration can be set to update automatically or managed manually. If you need detailed setup support, please contact your Onboarding Consultant.
When do exchange rates get updated?
Automatic Update: If the configuration is set to automatic, exchange rates are updated each evening.
Manual Control: If you want to use a specific rate, you can update it manually in the Currency Code field.
Auto Exchange Rate Settings
Service Geeni determines which currency exchange rate to use based on your AutoExchangeRateSettings configuration.
There are two possible sources:
Fixer.io (automatic rates)
If your system is configured to use an external provider, Service Geeni retrieves exchange rates from Fixer.io.
When rates are applied: The rate is fetched at the time the transaction is recorded.
Caching behaviour: To improve performance and reduce external calls, exchange rates from Fixer.io are cached for up to 24 hours. During this period, the same cached rate may be reused for subsequent transactions.
Currency table (manual rates)
If Fixer.io is not enabled, Service Geeni uses exchange rates stored in the Currency table.
Who maintains the rates: These rates are manually managed by users.
When rates change: Rates remain fixed until they are updated in the Currency table.
Customer Account Exchange Rate Settings
Here, you can decide whether an exchange rate must be entered when adding a new customer record.
Purchase Invoice Exchange Settings
Enable this option if you want the system to fetch the latest exchange rate automatically when invoicing goods received.
Editing Exchange Rates
You can edit an exchange rate via System Settings, then click System Defaults and choose Customer Details.
Select the Currency Code.
Choose whether the exchange rate will be updated Manually or Automatically.
If manual, enter the exchange rate directly.
This is useful if you manage overseas bank accounts and want to apply a fixed rate.
Goods Received
When processing goods received, you can choose whether to use the supplier’s exchange rate.