# Update an exchange rate

Record a new exchange rate for a currency so upcoming purchase orders reflect current market rates.

Source: https://support.toolingmetrics.com/en/admin/guides/update-exchange-rate/
Updated: 2026-10-29

**Prerequisites:** The currency exists — see [Configure currencies](https://support.toolingmetrics.com/en/admin/guides/configure-currencies/).

**Required permission:** Admin Center access (organization owner or a member of the `<org-name>-admins` group).

Exchange Rate is its own resource in Tooling Metrics, dated and kept as a history — it is not a field you edit directly on the currency. Add a new rate before creating or confirming purchase orders when the market rate has moved since the last entry.

## When to add a rate

Add or refresh an exchange rate:

- Before confirming a purchase order in a foreign currency for the first time — a currency with no rate entered yet can still be selected on a PO, but the order can't be confirmed until the currency has a rate dated on or before the confirmation date.
- Before issuing a large purchase order in a foreign currency when the rate has moved.
- At the start of each month or quarter as a regular housekeeping task.

There is no need to update rates in real time. A purchase order uses the most recent rate dated on or before the day it was confirmed.

## Steps

1. Click your organization name at the bottom of the sidebar → **Manage Organizations**, then open your organization.
1. In the admin sidebar, click **Currencies**.
1. Open the currency you want to update.
1. In its exchange rate table, click **+** in the **Actions** column.
1. Set the **Date** this rate takes effect.
1. Enter the **Rate** — the number of base-currency units equal to one unit of this currency.

   For example, if your base currency is USD and the current rate is 1 EUR = 1.09 USD, enter `1.09`.
1. Click **Create**.

![Vietnam dong exchange rate history and the new rate dialog with date and rate fields](https://support.toolingmetrics.com/guides/exchange-rate-eng.webp)

*Fig. 1: Add a dated exchange rate. The most recent entry on or before today is the rate Tooling Metrics uses.*

## What changes and what does not

A purchase order doesn't store a copy of the rate. Whenever Tooling Metrics converts its prices to the base currency — for example, to cost its receipts and restocks — it looks up the most recent rate dated on or before the order's confirmation date.

| Affected | Not affected |
|---|---|
| Purchase orders confirmed on or after the new rate's date | Purchase orders confirmed before the new rate's date |
| Receipts and restocks created afterward for those orders | Line prices on purchase orders, which stay in the order's currency |
| | Receipts and restocks already created |

Adding a rate with a newer date never changes orders confirmed earlier. Adding or editing a rate with an earlier date can change the rate used for orders confirmed on or after that date, so leave past rates as they are.

## Check the rate used by a purchase order

1. Note the purchase order's confirmation date.
1. Open the currency in the admin sidebar under **Currencies**.
1. In its exchange rate table, find the most recent entry dated on or before that date.

## Notes

- Each currency keeps a full history of dated Exchange Rate entries — the current rate is simply the most recent one on or before today. There is no separate "history viewer" beyond this list.
- The base currency always has a rate of 1 and cannot be edited.
- For context on how exchange rates flow through the purchasing process, see [Create a Purchase Order in a Foreign Currency — Where the exchange rate actually applies](https://support.toolingmetrics.com/en/purchasing/guides/create-po-in-foreign-currency/#where-the-exchange-rate-actually-applies).