Alvie utilises exchange rates from exchangeratesapi.io for currency conversion purposes. The conversion process is conducted on a day-to-day basis, ensuring that the most accurate and relevant exchange rates are applied to financial data.
How It Works:
- Daily Exchange Rates: Currency-related fields such as cost and revenue are converted using the exchange rate specific to each day. For instance, if costs are attributed to the 1st of May, Alvie will apply the exchange rate from the 1st of May for conversion.
- Workspace Currencies: The currency that is set on the workspace is used to report all currency related fields (like ad spend and revenue) by converting the currency of the source data (like Google Ads or Meta Ads data) to the target using the exchange rates from exchangeratesapi.io.
- Source of Rates: exchangeratesapi.io provides reliable and up-to-date exchange rates, which are integrated into Alvie's system to facilitate accurate currency conversion.
This approach allows Alvie to maintain precision in reporting and analysis, aligning with real-world currency values and providing you with trustworthy data insights.