How does the automated or manual exchange rate import work?

In Scope you have the option to transfer exchange rates of the currencies USD, EUR, CAD, JPY and GBP from your preferred bank automatically each day when activated.

Example for Mexico

You can choose, for which the following exchange rates the Bank of Mexico exchange rate should be used and updated automatically on a daily basis:

  • Day rate
  • Buying rate
  • Selling rate
  • Bank of Selling Rate

Hence, you can choose the exchange rate types, you can not choose the currencies: once activated, Scope will upload the corresponding rate of all available currencies from the Bank of Mexico at 02:00 am (CST) daily, if available.

Please also be aware, that the Bank of Mexico officially only publishes the latest rate they have for each of these currencies: some state the rates for today, some for tomorrow depending on the currency: e.g. EUR and GBP rates will always be published for the same day (= today's rate) on weekdays, whereas USD rates will be published for the next day (= tomorrow's rate) by the Bank of Mexico.

So after using the download action, you might have to change field "Date" in order to see all downloaded rates via Master data > Finance > System Exchange Rates:
system exchange rates date

Sometimes the exchange rates will not be available at 02:00 am (CST) by the Bank of Mexico. In those cases you have to manually maintain rates in the system via Master data > Finance > Exchange rates for the day or wait for the next day to be uploaded for the new day.

Manually maintain rates

Enter the module: Master Data > Finance > Exchange Rates
  1. Select the currency to be updated, in this case we select USD - US Dollar:
    You can search for a currency in the top-right field. Please also note that you can flip pages on the bottom of the window if Scope is keeping track of hundreds of currencies.
  2. When entering the currency, a screen with the historical exchange rates is presented, we select, double-clicking on the record where you are going to maintain the buy and sell rates.
    manual edit rate
  3. A screen is presented to update the exchange rate and enter the amounts:
    edit exchange rated window
    After entering the exchange rates, click OK.