How does Lifetimely apply historical exchange rates?
When you’re working with multiple currencies, it's important to know how Lifetimely handles currency conversion for your reports.
Lifetimely applies historical exchange rates based on the order date. This ensures your reports reflect accurate financial data tied to when each transaction occurred.
Where do the exchange rates come from?
We use a third-party service that provides daily currency rates for a wide range of supported currencies. These rates are automatically pulled into Lifetimely and updated regularly to ensure accuracy.
How are exchange rates applied in reports?
Lifetimely converts all foreign currency transactions using the exchange rate from the date the order was processed. This means:
- If an order was placed on May 1st, the May 1st exchange rate is used
- This applies across reports like the Income Statement, Customer LTV, and more
Why does this matter?
Using the exchange rate from the order date (also called the transaction date rate) gives you:
- More accurate profitability metrics
- Better alignment with accounting standards
- Cleaner insights into historical performance without skewing data due to currency fluctuations