Update exchange rates more often
The exchange rates for foreign currency invoices are not updated very often. I understand that the Alma network team manually update them weekly or less often. It would be better for consistent financial reporting if the exchange rates were linked to an international standard or at least give libraries the ability to update the exchange rates manually every day themselves. The out-of-date exchange rates are causing massive reconciliation headaches with the Finance department as we try to work out how many thousands of dollars are out of synch. Alma Analytics is only as good as the data it collates and if that data is two weeks out of date, it is simply wrong. We cannot know how much a fund has been expended with any accuracy.
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Thank you for your idea titled "Update exchange rates more often".
You write "The exchange rates for foreign currency invoices are not updated very often".
You also write "I understand that the Alma network team manually update them weekly or less often.".We respond:
1. The exchange rates are updated automatically and this as well as additional information regarding the exchange rates and the exchange rates report may
be found at
https://knowledge.exlibrisgroup.com/Alma/Product_Documentation/Alma_Online_Help_(English)/Acquisitions/100Advanced_Tools/010Exchange_Rates_Report
You will see there that it states "The exchange rates are automatically updated on a daily basis."
2. We are of course always interested in keeping our documentation as up to date and accurate as possible.
Therefore could you please tell us from where you got the information where you state
"I understand that the Alma network team manually update them weekly or less often"?
Thanks a lot.