Working with different currencies without having up-to-date exchange rates in your system increases the likelihood that you are using dated exchange rates.
This must not occur and may be detrimental, particularly during the financial closing!
Manually updating the currency rates is a tedious and time-consuming task. Thankfully, our app provides you with a fix for these problems.
What issues does the app address?
- import the most recent and accurate exchange rates.
The app connects directly to your banks each day to update your preferred exchange rates.
2. ECB, OANDA, or a bank of your choosing can be integrated
You have the option to select from a variety of APIs. The Exchange Rate Import often integrates with ECB or OANDA, however you can also link a bank of your choosing (additional outlay).
3. implement the ECB triangulation
We chose to integrate a currency triangulation so you can see the exchange rate between Swiss francs and US dollars because the ECB integration only provides exchange rates with the base currency, “Euro” (for example)
4. launch a huge data run
Naturally, you have the option to begin mass data runs so that the current exchange rates are updated every day. You control the start time and frequency of the run.
To sum up, integration is the best way to quickly import the most recent currency rates into your SAP Business ByDesign. Please feel free to get in touch with me or visit the SAP Store if you’re interested in our app.
By the way, if you’re curious about how I and my team address other issues, please follow me and I’ll keep you posted on blogs.sap.com.