How to Add and Update Exchange Rates in SourceMaster
One of the biggest ways importers bleed cash is quoting a customer using last month’s exchange rate… then paying the supplier with this month’s worse rate. SourceMaster stops that cold by always using the exact rate on the date you bought and the date you sold — and it warns you the second a rate is outdated.
Here’s how to keep your rates current in under 60 seconds.
Step-by-Step Guide
- Go to Settings → Exchange Rates (Top-right gear icon → Exchange Rates)
- Click the green + (Add) button
- Choose your currency pair from the dropdown
- INR / USD
- Enter the current exchange rate Example: 1 USD = 7.18 CNY → type 7.18
- Set the Effective Date This is the date the rate becomes active. Usually today or the date your bank/supplier confirmed it.
- Click Confirm
Done — the new rate is live immediately and will be used on every new quote, PO, and profit calculation.
How to Update an Old Rate (When SourceMaster Flags It)
You’ll often see a little orange warning,
Here’s what to do:
- Open the warning banner → click Upgrade Rate (or go back to Settings → Exchange Rates)
- You’ll see the old rate highlighted in orange
- Type the new rate
- Double-check the Effective Date (usually today)
- Click Confirm
The system instantly recalculates every open quote and shows you exactly how much you just saved (or would have lost).
View Full Rate History
Want to see how the CNY has moved over the past year?
- In Settings → Exchange Rates
- Click Update
- Set the new currency value
- Check that the date is today (or the exact date you want it to start)
- Click Confirm
Tips:
- Update rates every Monday morning — takes 45 seconds and protects your whole week’s quotes.
- Set a 30-day “stale rate” warning in Settings so you’re never surprised.
💡 If this doesn’t solve your issue or you have more questions, feel free to reach out through our [contact form]. We’ll get back to you within 2–3 business days.
