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Dynamics 365 Community / Forums / Microsoft Dynamics AX (Archived) / Currency Exchange rates
Microsoft Dynamics AX (Archived)

Currency Exchange rates

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Posted on by lally 8

Hi All ,

 Ax 2012 default supports 3 exchange rate providers to import the exchange rates  , so that we can import the exchange rates automatically in AX application which can be used foreign currency transactions.

Currency exchange rate table is shared table which can be shared to all Legal Entities .

The question is  can i import exchange rates in UK company using exchange rate provider central Bank of Europe and share the same exchange rates to all legal entities regions codes are  USA , China , India , Japan , Singpore .

Instead of developing the local country exchange rate providers ..why do not share the same Europe exchange rates to all other companies as exchange rate table is shared.

What is your comments ?

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  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hi Lally, In my opinion it is best practice only using one single exchange rate provider unless required otherwise by local government. The last point is something that you need to clarify with your local office/branch managers. What you also need to take care of is the time exchange rates are updated especially if your company operates in different time zones. Hope it helps. Ludwig

  • lally Profile Picture
    lally 8 on at

    Thanks for the reply Ludwig

    [quote user="Ludwig Reinhard"] What you also need to take care of is the time exchange rates are updated especially if your company operates in different time zones. [/quote]

    Even company operates in different time zones , when importing the exchange rates system will import the rates along with dates also

    When we have date field in the exchange rate form ,even it is different time zones , based on the document /posting date , system will pick up the exchange rate .

    One more query is does all the banks /countries will use the same exchange rate or differs ?

    Welcome your comments .

  • Verified answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at

    Hi Lally, To my knowledge different banks/countries publish and use different exchange rates. Even though the differences are usually only marginal, you need to clarify with your local country /branch managers what exchange rate is allowed to use. The European Central Bank rates should be fine in my opinion but I do not know all regulations in all countries especially outside the European Union. All thte best, Ludwig

  • André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 301,130 Super User 2025 Season 2 on at

    Hi Lally,

    The ECB provider does not have exchange rates for all currencies. You need to check the currency pairs provided by this provider.

    I do agree with Ludwig you should check the regulations per country.

    There is a whitepaper how to develop new exchange rate providers. This would help you when you are required to build a new one. www.microsoft.com/.../details.aspx

  • lally Profile Picture
    lally 8 on at

    Thanks Andre for the reply,

    [quote user="André Arnaud de Calavon"]The ECB provider does not have exchange rates for all currencies. You need to check the currency pairs provided by this provider.[/quote]

    Normally when we develop a new exchange rate provider also , we need to send the request to respective provider , In this process AX simply read the data from external source and will be created data in AX tables.

    As you said that if the provider does not have the exchange rate for all currencies , then what you suggest for the missing pairs , can you share your implementation experience ?

    and one more thing is that after importing the data , assume that by mistake user deleted the one exchange rate pair , in the next import , system does not create the pair which was deleted . Any suggestion ?

    Your suggestions are welcome.

  • Verified answer
    André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 301,130 Super User 2025 Season 2 on at

    Hi Lally,

    Within a few implementations we had to create new exchange rate providers because of the use of a local central bank. If you are looking for a service which provide all rates, you can have a look at the Bloomberg rates. This service is not free, but has (almost) all currencies. When you miss some exchange rates, they can also be completed manually. You can also try to find a second or third exchange rate provider and let this one complete exchange rates.

    It is not possible to delete a currency pair when there are depending exchange rates. If you delete a rate, you can repair manually or run the exchange rate provider again for the involved date (range).

  • lally Profile Picture
    lally 8 on at

    Thanks Andre for the reply,

    [quote user="André Arnaud de Calavon"] we had to create new exchange rate providers because of the use of a local central bank.[/quote]

    [quote user="André Arnaud de Calavon"]If you are looking for a service which provide all rates, you can have a look at the Bloomberg rates[/quote]

    I did not understand how it differs the local bank exchange rates with world central exchange rates . I believe that local central banks also read the data from world famous exchange rates service provider only as they cannot main the their only exchange rates .

    Am i right ?

  • André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 301,130 Super User 2025 Season 2 on at

    Hi Lally,

    Please read the comment from Ludwig again. Some countries require their own rates by government. So verify at the customer about the required rates. If it was all the same, also Microsoft did not include three exchange rate providers within the standard application.

  • Verified answer
    nunomaia Profile Picture
    nunomaia 25 Moderator on at

    [quote user="lally"]

    I did not understand how it differs the local bank exchange rates with world central exchange rates . I believe that local central banks also read the data from world famous exchange rates service provider only as they cannot main the their only exchange rates .

    Am i right ?

    [/quote]

    Exchange Rate all not the same, they can be country dependent.
    Just to give a simple example, on 10/11,
    - European Central Bank defined EUR / PLN as 4.2080,
    - Poland Central Bank, defined EUR / PLN as 4.2153. 

    If you are working with a Polish company, you must post entries using PCB exchange rate and if you are working with a Spanish company, you might post entries using ECB exchange rate.
    The use of third party market data providers (Bloomberg, Reuters, etc.) is quite common in Financial Services, sometimes you can work with currencies that isn’t easy to get the proper valuation.

    Some companies in Financial Services get exchange rates from different providers for the same currency pair and make their own exchange rate.
    It’s all dependent of business requirements.

  • lally Profile Picture
    lally 8 on at

    Thanks for the reply ,

    [quote user="Nuno Maia"]Exchange Rate all not the same, they can be country dependent.[/quote]

    In this case assume that if we are implementing Ax to 20 different countries , then 20 different exchange rate types need to be created like China Ex. Rate type , India Ex.Rate type , USA Ex.Rate type....

    Am i correct ?

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