Automated update of currency rates in Dynamics 365
Organisations often need to track multiple currencies in Dynamics 365 and ensure that rate conversions are correctly applied across their processes.
To avoid repetitive manual effort and remove the risk of data input errors, there is an obvious benefit in having an automated process that will continually keep these rates updated within Dynamics.
Using Power Automate (formerly Microsoft Flow) an effective solution can be quickly implemented in combination with a rate feed. In the examples that Preact has configured we've used free currency data feeds provided by www.floatrates.com. For example, to track exchange rates against sterling (£) as the base currency, a source feed would be http://www.floatrates.com/daily/gbp.json.
This URL, or a similar feed, can then be used to get the latest exchange rates as action step within a flow. A separate action within the same flow will define the frequency of this recurring process. .
The flow will then be connected to the relevant Dynamics environment and a currency entity. In the example below, four active currencies are being tracked to the base sterling currency.
The currency codes set for each record are used as an identifier within the flow so these must be consistent with the three character ISO codes that are referenced in the feed, e.g EUR, CNY, AUD.
By applying this flow, Dynamics can be set for a daily update to ensure that users are able to complete quotes, orders, invoices and other processes that reflect the latest exchange rates.
If you are interested in applying a similar automated process to your Dynamics environment to handle multiple currencies, please get in touch.