Sniffie automatically supports multiple currencies should you have defined currency to the price column of your sniff. If you need to work with multiple currencies in your local account, Sniffie’s multi-currency support is the way to go. Here’s how to do it.
If you only work with one currency across all your sniffs, you don’t need this guide. Starting with Sniffie extension v0.7.0.4, currency is necessary to set up for all sniffs.
How to define currency for your sniffs in the Sniffie Extension
- Click column operation selector.
- Hover over “Price”.
- Select desired currency in the list that appears to the right.
- The values in the column automatically change to numeric format and display the currency in them.
Using normalized currencies in the analytics
- Open filter “Normalized currency”.
- Select option “Yes”.
- If you want to use base currency, clear the above filter or change the option to “No”.
Frequently asked questions about Sniffie’s multi-currency support
What is the normalized currency used by Sniffie?
Sniffie’s normalized currency is the Euro (EUR). If the price has defined a currency and the currency is not EUR, Sniffie will process the currency to EUR as well using the daily exchange rate. Both original price and the normalized currency are saved.
What currencies are supported?
All currencies listed in ECB exchange rate database. Read more here https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html.
Sniffie can include support for currencies outside of the ECB exchange rate database upon a managed service account owner’s request.
Other currencies and currencies with predetermined exchanged rates are planned to be introduced in the summer 2018.
How are exchange rates determined?
Sniffie will automatically process the currency exchange rate translation during processing your sniffs. Sniffie will download the latest exchange rates from ECB every working day at 17:00 UTC. This means that sniffs processed at 16:59 UTC processed sniffs will use exchange rates that are 23 hours and 59 minutes old at the time of processing. Sniffs processed at 17:01 UTC will use exchange rate that is 1 minute old.
For the most accurate analytics, we recommend exporting data via Sniffie’s product feed and combining Sniffies timestamps with a more often updated exchange rate sources.
What happens if Sniffie fails to download the latest exchange rates?
Old exchange rates are used in the mean time. Sniffie will try to download the latest exchange rates again after a while until the new exchange rates have been updated successfully. Sniffie engineers will get an automatic notification if the exchange rate update has not succeeded by 18:00 UTC.
We have fixed exchange rates that we use in our organization. Can those be used with Sniffie?
Not currently. This feature has been planned to be introduced in the summer 2018.
Does Sniffie save exchange rate history?
At the moment no. The exchange rate history is built into Sniffie’s normalized currency (EUR) where the data is processed using the exchange rate of the processing period. Client-side processing from Sniffie’s normalized currency (EUR) to any other currency uses only the most recent exchange rate. If you need to account for differences in exchange rates over time in your local currency analytics, download history data as normalized currency to your computer and download ECB foreign exchange dataset and combine those.
What if I have not saved currency in my sniffs?
Sniffie will save all your sniffs with your account’s chosen currency. If you have not defined such, Sniffie will assume everything is in EUR.