Submit a Ticket My Tickets
Login  Sign up

How to Manage Currency Exchange Rates

What Are Currency Exchange Rates in CAKE?

If you partner with Affiliates who live in different countries than your business and who would like to be paid in their own currency,  you can add multiple currencies to your CAKE system so that you can easily manage the exchange rate between your default currency and your affiliate's currency to make billing easier. 

Once you have had additional currencies enabled in your instance these will need to be updated on a regular basis to adjust for the exchange rates at the time of processing billing. 

If you do not enter an exchange rate for a period CAKE will default to a 1:1 exchange rate across all currencies during that period. It is possible to correct this afterward but aside from the confusion caused any bills generated including values during these exchange rates will need to be deleted and regenerated.

Where to Manage Exchange Rates

To find where you can manage your currency exchange rates, follow these steps:

  1. Click on the Accounting main tab
  2. Click on the Exchange Rates sub-tab

How to Update an Existing Exchange Rate

To update an existing rate, follow these steps:

  1. Locate the appropriate date range from the list on the left
  2. Click the Edit button on the right-hand side (the note-pad icon)
  3. Make the necessary adjustments on the right-hand side
  4. Click Save

How to Add a New Exchange Rate

To add a new exchange rate, follow these steps:

  1. Click the Add button
  2. Fill in all fields (your start date/time should match your last end date so that they overlap so if your last rate ends at 11/1/12 at 12:00:00, your new start date/time will also be 11/1/112 at 12:00:00)
  3. Once all fields are filled in, click the Add button will turn dark blue and you can then click Add to complete adding your new exchange rate

How to Choose Exchange Rate Sources

You can use your own exchange rates to match internal rates or you can make use of a third-party source to make this easier.  Simply select between Open Exchange Rates, Yahoo, or Rate Exchange.  You can choose a default source in your Billing Settings - and it will be pre-selected for you.  Click Fetch Rates and it will pull the exchange rates down and enter those into the appropriate boxes for the two operations above.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.