Auto update budget reference rates ( itfm_fx_rate) from Exchange Rates (fx_rate) weekly
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08-08-2023 01:21 PM - edited 08-08-2023 01:30 PM
Hi everyone,
I have a requirement to auto-populate and update the budget reference rates table to convert for example cost plan currency.
Can you help on this topic please ?
Regards,
FF
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08-09-2023 03:13 AM
Hi @Farfara If you want the rates to be updated daily then please use the fx_rate table rather than budget reference rate. The budget reference rate table is used for multicurrency and its not recommended to update the rate daily as these will cause the cost fluctuations and you wont be able to track it.
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08-09-2023 04:26 AM
Hi @Dhiren Aghera, Yes but the cost plan fields ( Unit cost and Cost in functional currency) will not be updated with new data from ECB. The currency conversion does not work with fx_rate but with itfm_fx_rate.
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08-09-2023 04:54 AM
Hi @Farfara That's correct for multicurrency to work properly itfm_fx_rate is used. As mentioned earlier its not recommended to update the rates very frequently as it will create cost (planned/Actual) mismatch.
In our organization we update the budget reference rates every Fiscal Year.
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08-09-2023 05:39 AM
@Dhiren Aghera You updated the budget reference rates every Fiscal Year manually or automatically ?
