Multicurrency
Fairmarkit supports multicurrency. This means that you can work on events (e.g., as a buyer submitting an event or a supplier submitting a response) and you will see all currency values in your selected currency.
How is currency handled on an event?
With multicurrency, you can always see event values in your selected currency. The currency is set at the event level and must be consistent across an event to reduce potential confusion.
Are benchmarks updated when I change the currency?
This depends on your company settings. By default, your Benchmark value is not converted and you'll need to manually update it.
If you've turned on the Convert Benchmark when currency is updated configuration, the Benchmark price is automatically recalculated. You'll be able to review and edit the updated value as needed.
Can I bundle events in different currencies?
No, you cannot bundle events with different currencies. You will need to update all events to the same currency.
How do I set my default currency?
You can select a currency when you're working on an event. Additionally, your organization's Admin can set preferred and default currencies at both the organization and user level.
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- Buyer user: An Admin can set the preferred and default currencies for a user. See Edit buyer preferences.
- Suppliers: Events will default to the requested currency for the event, but you can change it to your desired currency. Buyers will see the quotes value in their requested currency; it is converted based on the end of date exchange rate the day before the event was opened. Buyers can see the currency you used in your response next to the Supplier Quote Number.
How are rates updated?
Currency rates are updated using openexchangerates.org.
How often are rates updated?
Currency rates are updated hourly and with the end of day currency rate each night. For consistency across an event, the exchange rate for the day before the event was opened is used on all conversions for an event.