Which Workspace Currency Settings Are Available?
Sales Cookie understands non-ambiguous symbols such as 'USD' or '€'. However, when processing transactions, we may encounter ambiguous currency symbols such as '$' (does it mean US or Australian Dollar?).
Workspace currency settings help us understand how to interpret such symbols by mapping them to specific currencies. Also, they allow you to specify which method to use for converting values between currencies (exchange rates).
Here are the steps to edit currency settings:
- Login to your workspace
- On the left pane, click on "Settings > Currencies"
- Click on the "Settings" tab (if needed)
Here are available settings:
- This is the currency used for all calculations, reporting, plan settings, etc. You can learn more about how the default currency is used here. We strongly advise against changing the default workspace currency once you've started performing calculations.
- This option allows you to decide if you want to provide exchange rates manually, automatically, or in a semi-automatic mode. In manual mode ("Only Use Rates Listed Below (No API Calls)"), if we encounter a currency which is not in your provided list, we will generate a system alert, asking you to provide an entry. In automatic mode ("Automatically Get Rates From Visa APIs For All Currencies"), we will prefer calling Visa APIs to get exchange rates. If the API call fails, we will use entries from your provided list as a fallback. In semi-automatic mode ("Get Rates From Visa APIs Only For Currencies Not Listed Below"), we will prefer entries from your provided list. However, if your list does not have the target currency, we will call Visa APIs to get the exchange rate.
- This option allows you to map ambiguous symbols such as "$" to a currency. You do not need to map symbols which are unambiguous (ex: € or USD). You can also choose to map any encountered symbol not in your provided list to the worspace's default currency ("Use Default Currency For Unknown Symbols Not Listed Below"). If you do not choose this option, and we encounter a new ambiguous currency symbol, we will generate a system alert to request that you provide a mapping.
Checking Exchange Rates
Regardless of the option you choose, we will validate any exchange rate you enter. We will regularly call Visa APIs to compare your provided exchange rate with market values. If the difference is significant, we will generate a system alert to notify you.
Providing Correct Exchange Rates
When you provide the exchange rate for currency "X", you need to think about the following. How many units of currency X does it take to purchase 1 of my default workspace currency? This is what you need to specify. It is quite easy to do the exact opposite, so be careful. As explained above, we will alert you if the exchange rate doesn't look correct, but it's safer to pay attention.
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