Specify a Negotiation Currency Conversion Rate

If you anticipate that you will receive responses to your negotiation from other countries, you can specify the conversion rates the application should use when converting responses. You can use predefined rates or define new rates yourself to be used with the negotiation.

In this example, a category manager is creating a negotiation document to use when conducting an RFQ. Since she anticipates responses from both Europe and Asia, she allows responses in several currencies in addition to the negotiation currency (USD).

Include a Negotiation Conversion Rate

1. On the Terms tab of the Edit Negotiation: Overview page, the category manager views the default negotiation currency. She can select a different currency and specify a different precision value. She knows her negotiation is going to accept responses in currencies other than the negotiation currency. She wants to specify the conversion rates for these additional currencies, so she clicks Allow responses in other currencies.

2. If the negotiation allows responses in currencies other than the negotiation currency, the category manager must specify the conversion rate between the negotiation currency and the response currency allowed. There may be many conversion rates that are already specified in the application. If appropriate for the negotiation, she can search for and use a particular conversion rate for a particular date. For this negotiation, the category manager wants to specify a new conversion rate, she selects User from the Conversion Rate Type menu.

3. If she needs to allow responses in currencies other than the negotiation currency, she clicks the plus icon to add a row to the response currencies table.

4. She selects the new currency by clicking in the Response Currency column and selecting the response currency from the drop-down menu.

5. If she is using an existing conversion rate, she is finished specifying that currency's information (although she can change the price precision value).

6. To specify a new conversion rate for the response currency, the category manager enters the conversion rate in the Conversion Rate column. The rate is expressed as the number of negotiation currency units equaling one response currency unit.

7. Once she enters and saves the conversion rate value, she is ready to continue creating the negotiation document.