Exchange rates in the platform are used to convert financial values when managing records such as sourcing events, contracts, and savings.

Only users with the appropriate access can manage currencies within oboloo. To find out more about user access rights, please check out this user guide here.
Note: The Base Currency is the default currency your company uses within oboloo and will always appear first in all currency drop downs. This can be updated via the Company Settings page only.  

Keeping exchange rates up to date ensures that cost calculations, savings tracking, and financial reporting remain accurate. Exchange rates are set relative to your organization’s base currency and can be updated manually whenever required.

TIP: Exchange rates can be updated against individual savings milestone records within the Savings Management module at anytime. Find out more here.
TIP: When an exchange rate against a currency is updated in oboloo, all future created savings records with that currency applied against them will automatically be assigned the updated exchange rate. All historic records will remain unchanged and will keep the exchange rate that was present against that currency at the time the record was created.

When to Use This Feature

  • If your organization operates with multiple currencies and needs accurate conversion rates.

  • If exchange rates fluctuate, requiring regular updates to ensure financial accuracy.

  • If you need to adjust past exchange rates to reflect organizational financial policies.

Step-by-Step Guide

1. Navigate to the Currencies Page

  • Click Settings in the main menu.

  • Select Currencies from the dropdown list.

2. Locate the Currency to Update

  • Find the currency you need to update in the list.

  • Click on the Actions menu (three dots) in the last column.

  • Select "Edit" from the dropdown options.

3. Update the Exchange Rate

  • A popup will appear, allowing you to modify the Exchange Rate field.

  • Enter the new exchange rate based on the most recent financial data.

  • Ensure that the new exchange rate is accurate and aligns with internal or market exchange rates.

💡 Tip: Exchange rate adjustments apply moving forward and do not retroactively update historical financial records.

4. Save Your Changes

  • Click "Save Changes" to apply the update.

5. Exchange Rate is Now Updated!

  • All future financial records that use this currency will now apply the new exchange rate.

  • If necessary, you can return to this page to make further adjustments at any time.

Key Considerations & Best Practices

✅ Exchange rates must be reviewed periodically to ensure financial calculations remain accurate.

✅ Updating an exchange rate does not change past financial records, only new and future transactions.

✅ If your organization operates in multiple regions, ensure exchange rates are aligned with official market rates.

✅ Users with financial access permissions should be responsible for updating exchange rates to maintain consistency.

Additional Resources

📌 Related User Guides:

📌 Need Further Help?
If you need further assistance, please contact your internal platform administrator for support. Otherwise please reach out to oboloo's support team. If you are unable to view the above area in the oboloo platform, please check your user permissions and access rights.