Objective
Companies that use multiple currencies can track up-to-date exchange values using Currency Conversions.
Conversion factors are used to convert currency amounts to their equivalent values in the other currencies. The conversion factors can be established manually using this admin object, with a currency conversion connector, or automatically using an integration with OANDA, a foreign exchange service.
| 1 | To view a list of currencies in the tenant that currently have conversion values assigned, select the link to the Currency Conversion code from the Financial Data section of the admin menu. |
The currency conversions found on the list page displays factors that were configured manually. Manual conversions are generally rare. If conversions are required, they are usually performed through OANDA integration.
| 2 | The Conversion Factor is the USD exchange rate SAP Fieldglass will grant for the foreign currency |
| 3 | The Effective Date is the date the conversion will begin. |
| 4 | To review the details of a conversion, select the appropriate code in the Currency column. |
The details page displays the same information found on the list page. However, it includes an ‘Edit’ button to allow users (with correct permissions) to manually update the conversion factor.
WorkingNet Networking, Inc., a global manufacturer of data networking equipment, needs to compare worker procurement costs between its US offices and its UK offices. To do so, it needs a means of determining the exchange rates between the two currencies.
As the SAP Fieldglass administrator for WorkingNet, you will need to create a currency conversion to determine the value of the British Pound against the US dollar.
Currencies can be managed and tracked with up-to-date exchange values. Currency conversion factors can be set up manually, with a conversion connector, or automatically via OANDA integration.
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