The Bulk FX Upload feature allows you to efficiently upload multiple foreign exchange rates at once. Below is a step-by-step guide on how to use this feature.
Prerequisites
Before you can use the Bulk FX Upload feature, you must be subscribed to the Foreign Exchange Module in our system. This module provides access to a range of tools for managing currency data, including the ability to upload multiple exchange rates simultaneously. Contact your system administrator or our sales team to ensure your account is subscribed to this module.
Accessing the Upload Feature
Navigate to the Bulk FX Upload Module:
Go to Foreign Exchange Rates on the sidebar.
Choose an existing currency pair or create a new one to upload foreign exchange rates for.
Click on Upload csv/xlsx to open the upload modal.
Preparing Your File
Before uploading your file, ensure that it meets the following criteria:
Format: The file must be either a XLSX or CSV.
Content:
The first column must contain dates formatted as 'yyyy-mm-dd' or in Excel date format.
The second column should contain the numerical exchange rate.
A header row is optional.
Size: The file should not exceed 2MB.
Uploading the File
Upload the File:
Drag and drop your file into the designated area or click on the area to open your file explorer and select the file manually.
Once selected, the file name will appear in the upload area.
Note: You can only upload rates for one currency pair at a time. Ensure that the correct pair is selected before proceeding.
Configure Upload Options:
Handle Duplicates: Choose how to handle duplicate dates within your file. Options include:
Ignore duplicates
Update duplicates with new rates
Cancel if any duplicate dates exist
Ignore First Row: Check this box if your file's first row includes headers or titles to ensure it is not processed as part of the currency rates.
Handling Duplicates Options
When uploading foreign exchange rates, handling duplicates correctly is crucial to maintaining the integrity of your data. Here are the options available:
Ignore Duplicates
Description: This option allows the system to skip over any records in the upload file that have the same date as entries already present in the database for the selected currency pair. No changes will be made to existing entries for those dates.
Use Case: Use this option when you want to ensure that only new data is added without altering any existing information. This is useful when you are confident that the existing rates are accurate or when you want to add rates only for new dates.
Update Duplicates with New Rates
Description: Choosing this option enables the system to overwrite the existing rates with the new ones from your file for any date that already exists in the database for the selected currency pair.
Use Case: This is beneficial when you have obtained more accurate or updated rates and need to ensure that your system reflects the most current information. It's particularly useful in dynamic markets where rates may be revised frequently.
Cancel if Any Duplicate Dates Exist
Description: With this option, if the upload file contains any dates that already have entries in the database, the entire upload process is cancelled, and no data (new or duplicate) is added or altered.
Use Case: This option is crucial for operations where data integrity and accuracy are paramount. It prevents any risk of unintentionally overwriting existing data. It’s ideal for users who must manually review any potential duplicates to decide how to handle them appropriately before attempting another upload.
Troubleshooting
File Format Errors: If you receive an error regarding the file format, check to ensure that the date and rate columns are correctly formatted.
Upload Failures: For any upload failures, review the error message provided, adjust your file accordingly, and attempt the upload again.
Conclusion
The Bulk FX Upload feature is designed to streamline the process of uploading multiple exchange rates simultaneously. By following the steps outlined above, you can efficiently manage currency rates within your system, ensuring accuracy and consistency across your financial operations.