Creating Spot Rate Conversions

by Christina Moore Updated May 28, 2020

Spot rate conversions need to be manually set up in BillingPoint. If they are not set up in BillingPoint, the Onit App Builder spot rate conversion Actions will not work.

To do this in BillingPoint:

  1. Log into the client in question’s BillingPoint instance.
  1. Once in the client’s BillingPoint instance, click on Settings and then Supported Currencies.
                       
  1. From here, click on New Supported Currency. This will take you to the page where you selected the currency, enter the spot rate, and choose the effective date. The spot rate that you will enter is the current effect conversion rate from the client’s base currency to the selected currency.
  • For example, if the client’s base rate is USD and the new supported currency is CAD, you can simply Google “CAD to USD” to find the current conversion rate.

This is the rate that you enter into BillingPoint.

Note: Everything above must be done again in production, since that will be a new BillingPoint instance.  

It is possible to have a spot rate integration, where these rates are automatically updated. If you do not have an integration, the spot rate will get stale very quick.

Onit App Builder can only perform spot rate conversions for currencies added to the client’s BillingPoint instance. Otherwise, the Action in Onit will error out.

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