When you initially set up your currency in Polar, navigate to to your Settings to choose your main currency. Keep in mind that all of your currency-based data in Polar will be shown in that format.
If you have stores with different currencies, we will automatically convert them to your main one. Every day we get the latest exchange rate from this universal API and we convert it to your main currency, so that your data is unified across all stores.
You can check the currency exchange rate we use here.
Here is an example of how the data is converted into your main currency:
If we take today, it’s a certain exchange rate, and yesterday, it was a lower one.
On yesterday's data, we use the conversion rate of yesterday. We don't update it with today's conversion rate.
For currency conversion, daily sales are calculated using the exchange rate of that specific day, resulting in a sum of daily sales in the desired currency, akin to a weighted average. As an example:
Exchange from Euro to USD:
On October 1st 100€ equals 103$
On October 4th 50€ equals 52.5$
On October 5th 70€ equals 74.9$
On October 6th 110€ equals 116.6$
For the given time period, the Total is 330€ which equals 347$