Version 18.0.0.0 Setup and User Manual
For Microsoft Dynamics 365 Business Central Last Update: 26th July, 2021
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Advantages of using the OmniFY Expense Rates ... 3
Subscriptions ... 3
1. Activating a Trial Subscription ... 3
2. Activating a Subscription ... 6
Working with the OmniFY Exchange Rate Setup ... 9
1. OmniFY Exchange Rate Setup ... 9
a. Currency Rate Source ... 9
b. The API Key and User Account ID... 9
For accessing these details from XE: ... 10
For accessing these details from Oanda: ... 10
c. Price Candles ... 11
d. Price Component ... 11
e. Currency Code ... 12
f. Exchange Rate Date ... 12
2. Currencies Setup ... 13
Working with the OmniFY Exchange Rates ... 14
Setup Scheduler ... 14
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Overview of OmniFY Expense Rates
OmniFY Exchange Rates is a supplementary extension in Microsoft Dynamics 365 Business Central.
Organizations and individuals convert currency when engaging in international trade. This exchange rate changes constantly on global foreign exchange markets where all kinds of currencies are traded.
OmniFY Exchange Rates allows customers using multiple currency transactions to have the Exchange Rates in the BC environment updated on an on-demand and/or on a scheduled basis.
Advantages of using the OmniFY Expense Rates
• This functionality caters to the finance department of those companies, who use multiple foreign currencies.
• Have an option to select an option from the top 2 online exchange currency platforms – Oanda and XE
• Automation of exchange rates on a daily basis
Subscriptions
1. Activating a Trial Subscription
When you have installed the OmniFY Exchange Rate extension, you can start a free 30-day trial period. During this time, you are free to evaluate the solution, there are no restriction of features and functionality in the trial period. Each time anyone logs into Business Central they will see a trial period message in their Role Center.
To start the trial period, choose “Click Here” in the Notifications window displayed after the installation.
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Select the OmniFY Exchange Rates Subscription pack and click on Next to proceed.
A wizard will be launched which will ask preliminary details to be filled in such as the Company information and email address that will be used for the subscription.
Enter the Company details and click Next to enter the Payment information.
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Click “Next” to fill in the Payment Information.
Note: Your credit card information is stored with the credit card payment processor, it is not stored in Business Central or any external database. The Payment Processor is PCI Complaint.
Click “Finish” to complete the activation wizard.
This completes the activation of the OmniFY Exchange Rates.
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2. Activating a Subscription
After you have activated a trial subscription a notification message will be displayed, to activate the subscription.
Post-trial period, to choose a subscription plan, select Click Here and then click Next to enter Company details.
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A wizard will be launched which will ask preliminary details to be filled in such as the Company information and email address that will be used for the subscription.
Enter the Company details and click Next to enter the Payment information.
Click “Next” to fill in the Payment Information.
Note: Your credit card information is stored with the credit card payment processor, it is not stored in Business Central or any external database. The Payment Processor is PCI Complaint.
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Click “Finish” to complete the activation wizard.
This completes the activation of the OmniFY Exchange Rates.
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Working with the OmniFY Exchange Rate Setup
1. OmniFY Exchange Rate Setup
Open the OmniFY Exchange Rate Setup.
a. Currency Rate Source
Choose the source of currency rates from Oanda and XE.
b. The API Key and User Account ID
The API keys has to be purchased using a subscription model from the Currency Rate Sources: Oanda or XE.
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For accessing these details from XE:
i. Sign in to your XE account.
URLà: https://www.xe.com/
ii. Once you are logged in, you’ll see the account details and API key as shown in screenshot below:
iii. Pricing Details are available from this URL: https://www.xe.com/xecurrencydata/
For accessing these details from Oanda:
i. Sign in to your Oanda account.
URLà: https://www.oanda.com/
ii. Once you are logged in, Go to My servicesà Manage API Access. You will get the API Key.
*Note: User Account ID details are not required for Oanda. *
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iii. Pricing details are available from this URL: https://www.oanda.com/foreign- exchange-data-services/en/exchange-rates-api/api-pricing/
**Oanda & XE are third party websites, and the pricing are subject to changes from time to time**
c. Price Candles
The price candles show the open, close, high, low, middle, and average values for each period
d. Price Component
The price components show the bid, ask and midpoint values for each period
Note: Price Candles and Price Components are disabled for the currency source XE.
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e. Currency Code
The currency code refers to the three-letter alphabetic codes that represent the various currencies offered by the ISO (International organization for standardization). XE uses this code while Business Central uses the Currency Code.
f. Exchange Rate Date
The rates can be calculated for based on date parameters. The options available are Today, the Work Date, Sequential and Yesterday.
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(i) Today - A warning appears if “Today” is selected. This is because the API candle is not yet closed, and the rates may have not been finalized. Click “OK” to proceed with updating the live rates provided by the API.
(ii) Work date - The rates get updated based on the work date in the Business Central environment
(iii) Sequential - Updates all the currency rates from previously updated date till today’s date.
(iv) Yesterday - Updates all the currency rates till the previous day.
2. Currencies Setup
In the Currencies master, check the box against the currencies you want to update from Oanda/XE.
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The currency exchange rate will be updated based on the rates from the previous day.
Setup Scheduler
Job queues in Business Central enable users to schedule and run specific reports and code units. You can set jobs to run one time, or on a recurring basis. A job queue can have many entries, which are the jobs that the queue group manages and runs. Information in the entry specifies what code unit or report is run, when and how often the entry is run, in what category the job runs, and how it runs.
After job queues are set up and running, the status can change as follows within each recurring period:
• On Hold
• Ready
• In Process
• Error
• Finished
As the currency update will be a recurring job, the Earliest Start Time field is adjusted to show the next time that the job is expected to run.
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The following procedure shows how to set the Job Queue Entries codeunit to setup to automatically update the currency exchange rates at 1 AM every day to update the rates for the previous day.
Choose the icon, enter Job Queue Entries, and then choose the related link.
Choose the New action.
In the Object Type to Run field, select Codeunit.
In the Object ID to Run field, select 23044095, OLSOEXWebService Enter the earliest start date for the job to begin for the first time.
In the recurrence tab, turn on the days for the job to run on recurring basis with the Starting time.
Once all parameters are completed, Set the status of the job to be ready for the scheduler to begin functioning.
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