How often are we updating Exchange Rates?

[Daniel_Clarke]

Reviewing the exchange rate ability in Workfront for the first time and trying to consider how often we should update... Yearly? Quarterly?

Because this is not tied to date ranges I assume it is adjusting the rates for all projects even in the prior year / quarter either way. Is there another way to solve this through custom fields that are tied alongside date ranges? 

Thanks in advance for sharing your successes!

[NathanJo1 · Accepted solution]

Hi @Daniel_Clarke ,

You are correct that exchange rates are not tied to a date range. They are not dynamic, so when you set an exchange rate, it applies to all financial data within the system, and you need to manually update it whenever there are changes in exchange rates. This means that the rates are not automatically adjusted for historical data; they are applied consistently across all projects and time periods.

A custom field could allow you to keep track of or display exchange rates based on certain time periods. The custom field could look at the year, quarter, or month of a date on the object it has been added to and display the applicable exchange rate. You can then use the rate in a calculation to display historical conversions.

Please let me know if you have any questions.

Thanks,

Nathan

[Greta_12-25]

Hi @NathanJo1 , 

Can you confirm if you change the exchange rate is historical data is changed or does that maintain the original calc? It's unclear to me based on your above response. 

Also, are there any plans to treat exchange rate similar to the rates based on role, thus allowing a start or end date? 

Thanks,

Greta