Maximo Open Forum

Hello all,

I was curious to learn any advice for best practices for maintaining Exchange Rates within Maximo.

For example: 

1. How often should you update the exchange rate?
2. Do you delete old rates or leave them for history?
   • I feel like this is most accurate but list will get very long if updating frequently.
3. Any advice on how to automate updating the exchange rate?

Thank you,

#Administration
#Assets
#EndUser
#EverythingMaximo
#Inventory

------------------------------
Danny Richardson
Maximo Administrator Manager
Technimark LLC
------------------------------

It depends on the volatility of the currency pair. With a stable currency pair, I've seen it is set on monthly basis. But for a currency that is highly volatile, I've seen it is set daily.

In the past, I had to develop a custom field in the PO/Invoice object for the user to enter exchange rate manually. It is specified as agreed by the two parties in the contract (e.g. exchange rate will be based on a rate listed by certain bank on the date of invoice etc.)