How to set automatic update of currency exchange rate

The currency exchange rates can be automatically updated on nightly basis.

Enable the following features

1. Multiple Currencies
2. Currency Exchange Rate Integration

Then Go to Setup -> Accounting -> Accounting Preferences -> General -> Exchange Rate Integration

Select the Rate Provider

Choose Triangulation Calculation if want ( Cross currency triangulation works by first converting the monetary amounts from one national currency unit (source currency) into an intermediate currency (anchor currency). The calculation then converts the amount in the intermediate currency into the designated national currency unit (target currency).

Note:

-The Exchange Rates will be updated automatically only if we check the Automatic Update checkbox in the Currency Record.

-Also the Exchange Rates will be updated from the very next day onwards.